Blackstone Secured Lending Fund 8-K

What Happened

• Blackstone Secured Lending Fund (the Fund) announced it entered into a Tenth Supplemental Indenture with U.S. Bank Trust Company, N.A. and issued $400,000,000 aggregate principal of 5.250% notes due September 4, 2029. The offering closed on March 3, 2026.
• The Notes pay interest at 5.250% per year, payable semi‑annually on March 4 and September 4, beginning September 4, 2026, and are redeemable in whole or in part at the Fund’s option at the prices set in the Indenture.

Key Details

• Principal amount: $400,000,000 of 5.250% Notes due September 4, 2029; offering closed March 3, 2026.
• Interest: 5.250% annually, payable semi‑annually on March 4 and September 4, first payment Sept. 4, 2026.
• Ranking: General unsecured obligations — pari passu with other unsecured debt, senior to any expressly subordinated debt, effectively junior to secured debt and structurally junior to indebtedness of subsidiaries/financing vehicles.
• Covenants & protections: Indenture requires compliance with certain asset coverage requirements (as modified by the Investment Company Act) and financial reporting to noteholders if the Fund ceases SEC reporting; contains a change‑of‑control repurchase provision at 100% of principal plus accrued interest.

Why It Matters

• This transaction raises $400M of unsecured debt for the Fund, creating a fixed interest obligation that will affect cash interest expense and the Fund’s capital structure.
• The Notes’ unsecured and structurally junior ranking means secured creditors and subsidiary-level debt have payment priority ahead of these Notes. Investors should note the required asset coverage and reporting covenants in the Indenture, which can affect the Fund’s flexibility and protections for noteholders.
• The full Indenture, supplemental indenture and related documents are filed as exhibits to the 8‑K for investors who want the complete terms.