Blackstone Private Credit Fund 8-K

What Happened

• Blackstone Private Credit Fund announced it entered into a First Supplement to its Master Note Purchase Agreement and issued $210,000,000 aggregate principal amount of 5.94% Series 2026A Notes to qualified institutional investors in a private placement. The Notes were issued on January 8, 2026 and mature on January 8, 2032 unless redeemed, purchased or prepaid earlier. Interest is payable semiannually.

Key Details

• Principal amount: $210,000,000 of Series 2026A Notes; stated interest rate: 5.94% per year.
• Maturity: January 8, 2032; interest paid semiannually.
• Credit protection: Notes are general unsecured obligations of the Fund and rank pari passu with all other unsecured, unsubordinated indebtedness of the Fund.
• Triggered interest step-up: if a "Below Investment Grade Event" occurs, the interest rate increases to a fixed 6.94% per year from the event date until it is no longer continuing.
• Other terms: Note Purchase Agreement includes customary covenants (e.g., maintain BDC status and a minimum asset coverage ratio), events of default and change-of-control repayment provisions. Notes were offered under Section 4(a)(2) of the Securities Act and are unregistered.

Why It Matters

• This issuance provides the Fund with $210M of capital for general corporate purposes, affecting its debt profile and liquidity. The notes are unsecured and rank equally with other unsecured debt, so they increase the Fund’s senior unsecured obligations.
• The below-investment-grade interest premium (6.94%) and covenants such as maintaining BDC status and an asset coverage ratio are investor protections and cost-of-capital considerations that could affect the Fund’s financing costs if credit conditions deteriorate.
• Because the notes were sold in a private placement and are unregistered, resale by holders is restricted absent registration or an applicable exemption.