Blackstone Secured Lending Fund Launches $500 Million Note Offering
The notes feature fixed-rate interest and investor protections tied to control changes and financial disclosures.
October 15, 2025
Blackstone Secured Lending Fund (BXSL) has raised $500 million through a new note issuance, strengthening its long-term funding strategy while building in clear investor protections.
The notes, issued on October 14, 2025, carry a 5.125% fixed annual interest rate and mature on January 31, 2031. Interest payments will be made semi-annually, starting January 31, 2026. BXSL can choose to redeem the notes early, in part or in full, at predetermined prices outlined in the Indenture. This structure gives BXSL room to maneuver while providing investors with a predictable return profile.
The transaction was completed under the Fund’s shelf registration. U.S. Bank Trust Company is acting as trustee. The underwriting group includes:
- Citigroup
- Deutsche Bank
- Morgan Stanley
- SMBC Nikko
- Truist Securities
These unsecured notes sit ahead of any future subordinated debt and are on equal footing with other unsecured borrowings. They are structurally junior to secured debt and liabilities held by BXSL’s subsidiaries. That structure defines how claims are prioritized if BXSL were to face a default.
Protections Built for Flexibility and Transparency
The Indenture includes provisions that require BXSL to maintain specific asset coverage ratios , even if those requirements no longer apply directly. If BXSL ever exits SEC reporting obligations, it must still provide financial statements to noteholders and the trustee. A change of control event may also trigger a repurchase of the notes at face value, plus any accrued interest.
These terms offer clarity to investors and help ensure access to information under a range of scenarios. With this fixed-rate financing now in place, BXSL gains additional tools to manage its credit strategy while reinforcing its approach to transparency and capital discipline.
Share
Read More Articles
