Blackstone Private Credit Fund 8-K

What Happened

• On December 23, 2025, Blackstone Private Credit Fund announced it issued $100,000,000 aggregate principal of 6.250% notes due January 25, 2031. These New Notes are a further issuance that are fungible with the Fund’s existing $500,000,000 of 6.250% notes issued January 25, 2024, so total outstanding now equals $600,000,000.
• The Notes pay interest at 6.250% per year, payable semi‑annually on January 25 and July 25 (first payment January 25, 2026). They are general unsecured obligations of the Fund, callable at the Fund’s option under the indenture, and were issued under a registration statement on Form N-2ASR.

Key Details

• Issue date / close: December 23, 2025; Maturity: January 25, 2031.
• Amount issued: $100,000,000 New Notes; combined outstanding after issuance: $600,000,000.
• Interest rate: 6.250% fixed, paid semi‑annually (payments Jan 25 & Jul 25; first interest payment Jan 25, 2026).
• Ranking and protections: general unsecured debt — pari passu with other unsecured debt, junior to secured debt to the extent of collateral value, and structurally junior to debt of the Fund’s subsidiaries; change‑of‑control repurchase at 100% of principal plus accrued interest.

Why It Matters

• For investors, this transaction increases the Fund’s outstanding unsecured debt to $600M and locks in a fixed 6.25% interest cost through 2031, which affects the Fund’s interest expense and leverage profile.
• The notes’ unsecured status and structural subordination to subsidiary liabilities are important if the Fund or its affiliates face financial stress; the indenture also includes covenants (including asset coverage and reporting obligations) and a change‑of‑control repurchase feature that provide specific protections and obligations.
• The issuance was completed under a registered offering, so the notes are tradable and fungible with the previously issued series (same CUSIP), which supports liquidity for noteholders.