Blackstone Private Credit Fund Issues $750M 6.200% Notes Due 2031

What Happened

• On August 19, 2026, Blackstone Private Credit Fund announced it issued $750,000,000 aggregate principal amount of 6.200% notes due November 15, 2031. The notes were issued under the Fund’s Base Indenture (Sept. 15, 2021) as supplemented by a Twenty-Second Supplemental Indenture, with U.S. Bank Trust Company, N.A. as Trustee. The transaction closed August 19, 2026 and was offered under the Fund’s effective Form N-2ASR registration.

Key Details

• Principal: $750,000,000; Interest: 6.200% per year; Maturity: November 15, 2031.
• Interest payments: semi‑annual on May 15 and November 15, beginning May 15, 2027.
• Ranking: general unsecured obligations — senior to any expressly subordinated debt, pari passu with other unsecured debt, effectively junior to secured debt and structurally junior to liabilities of subsidiaries/financing vehicles.
• Redemption/repurchase: may be redeemed at the Fund’s option at specified prices; a “change of control” repurchase would require the Fund to offer to buy notes at 100% of principal plus accrued interest. The indenture also includes covenants (including certain asset coverage and reporting obligations) subject to specified limitations.

Why It Matters

• This transaction raises $750 million of unsecured long‑term capital for the Fund and creates a fixed 6.200% interest expense through 2031. For investors, the notes’ unsecured and structurally junior position affects their credit risk relative to secured obligations or liabilities of the Fund’s subsidiaries. Covenants and the change‑of‑control repurchase provide some protections for noteholders, but the filing notes these protections have important limits and exceptions (see the indenture for full terms).