Blackstone Private Credit Fund 8-K

What Happened
Blackstone Private Credit Fund announced it issued $850,000,000 aggregate principal amount of 5.950% notes due May 15, 2031 under its indenture, in a transaction that closed on April 27, 2026. The notes pay interest at 5.950% per year, payable semi‑annually on May 15 and November 15 beginning November 15, 2026, and may be redeemed in whole or in part at the Fund’s option according to the indenture. U.S. Bank Trust Company, National Association is the trustee for the indenture.

Key Details

• Principal amount: $850,000,000; Coupon: 5.950% annually; Maturity: May 15, 2031.
• Interest payments: semi‑annual on May 15 and November 15, first payment November 15, 2026.
• Ranking: general unsecured obligations of the Fund — senior to any expressly subordinated debt, pari passu with other unsecured debt, effectively junior to secured debt to the extent of collateral, and structurally junior to debt of the Fund’s subsidiaries/financing vehicles.
• Covenants and protections: indenture requires compliance with certain asset coverage provisions of the Investment Company Act (Section 18(a)(1)(A) as modified by Section 61(a)) and requires the Fund to provide financial information to note holders if it ceases SEC reporting; a specified “change of control repurchase event” would generally require the Fund to offer to repurchase notes at 100% of principal plus accrued interest.
• Offering mechanics: notes were offered under an effective Form N-2ASR registration statement (File No. 333-284601); preliminary prospectus supplement and pricing term sheet were filed April 22, 2026; the transaction closed April 27, 2026.

Why It Matters
This financing raises $850 million of unsecured long‑term funding for the Fund at a fixed 5.95% cost through 2031. Investors should note the notes’ position in the Fund’s capital structure (unsecured and structurally junior to subsidiary debt) and the specific covenants and change‑of‑control repurchase right, which affect payment priority and certain protections for note holders.