Blackstone Private Credit Fund Prices $750 Million Of 6.200% Notes Due 2031

The perpetual-life BDC cleared the trade at 205 basis points over Treasuries, with S&P holding it on a positive outlook at the lowest investment-grade rung.

August 18, 2026

Blackstone Private Credit Fund priced $750 million of senior notes on August 17, locking in a 6.200% coupon through November 2031 and adding a new layer of fixed-rate term debt to its funding stack.

The notes came at 98.966% of principal, a slight discount to par that lifts the yield to maturity to 6.428%. That worked out to a spread of 205 basis points over the benchmark 4.375% Treasury due July 31, 2031, marked at a 4.378% yield when the trade was struck. Settlement is set for August 19 on a T+2 basis. Moody’s assigned an expected rating of Baa2 with a stable outlook, while S&P assigned BBB-, the lowest investment-grade rung, with a positive outlook.

Terms and call structure

Interest will be paid semiannually each May 15 and November 15, with the first payment not due until May 15, 2027. The notes carry a par call date of October 15, 2031, one month ahead of final maturity, and redemption terms shift at that point:

• before the par call date, the fund may redeem all or part of the issue at the greater of par or the discounted present value of remaining payments through that date, using the applicable Treasury rate plus 35 basis points;
• on or after the par call date, redemption is at par plus accrued interest.

Denominations start at $2,000, with $1,000 increments above that.

A broad syndicate

The offering was placed through a wide dealer group, with Wells Fargo Securities, Citigroup Global Markets, Goldman Sachs, RBC Capital Markets and SMBC Nikko Securities America among the joint book-running managers, alongside most of the other major dealers active in the sector. Blackstone Securities Partners, the sponsor’s own broker-dealer, appears in the co-manager list.

What it signals

For one of the largest private credit vehicles in the market, the transaction extends an unsecured funding layer that sits alongside asset-based facilities, collateralized loan obligations and a corporate revolver, a mix the fund detailed when it reported roughly $48.2 billion of net assets earlier this year. Fixed-rate paper of this tenor gives the vehicle a known cost of funds through 2031, a counterweight to a portfolio weighted toward floating-rate loans whose income moves with short-term rates.

The deal also follows affiliated Blackstone Secured Lending Fund, which earlier this year closed a $400 million notes offering at 5.250% due 2029. The two vehicles sit on the same credit platform but carry different structures, leverage profiles and investor bases, so the coupons are not directly comparable.

Advisors weighing continuously offered credit vehicles have reason to watch this layer of the capital stack closely. Unsecured term debt priced in the public market gives an outside read on how bond investors view a non-traded fund’s credit, independent of the monthly net asset value the sponsor calculates and the distribution rate it declares.