Blackstone Private Credit Fund Issues Amendment to Tender Offer Statement for Share Repurchase
The updated filing outlines the terms of a significant share buyback program, offering details on repurchase percentages and schedule.
September 09, 2024
Blackstone Private Credit Fund (BCRED), a prominent entity within the Blackstone investment portfolio, recently submitted an amended Schedule TO (Tender Offer) with the SEC, detailing its share repurchase program. The filing indicates a buyback offer for outstanding shares, aiming to enhance shareholder value and provide liquidity. This adjustment addresses key terms regarding share eligibility and deadlines.
Key Details of the Share Repurchase Program:
The filing reveals that the fund intends to repurchase a specified percentage of its outstanding shares as of June 30, 2024. This move aims to provide shareholders an opportunity to liquidate shares, with final figures to be confirmed based on valuation updates.
The document specifies the conditions under which these share repurchases will occur, reflecting BCRED’s commitment to supporting its shareholders by offering flexibility and a transparent exit route. The revised plan maintains that the fund will honor all tenders for the latest repurchase period, which concluded on August 30, 2024.
Implications for Shareholders
Shareholders who elected to tender their shares during this repurchase window will be affected by the fund’s determination of the final dollar value of these shares. The fund’s ongoing commitment to liquidity has been a major focus, offering quarterly opportunities for investors to tender their shares. This filing serves as a pivotal update in BCRED’s approach to managing its equity base and maintaining its market position.
Future Expectations and Timelines
The fund is expected to announce the final dollar value of the repurchases in November 2024. This will follow the release of its September 30, 2024, net asset value (NAV), which is a standard course of action in BCRED’s periodic financial disclosures. These updates will play a significant role in determining how many shares are repurchased and at what value.
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