Blackstone Secured Lending Fund Closes $400 Million Notes Offering
The fund issued senior unsecured notes carrying a 5.250% interest rate and a September 2029 maturity, backed by a syndicate of major Wall Street underwriters.
March 5, 2026
Blackstone Secured Lending Fund announced the completion of a $400 million debt offering, closing the transaction on March 3, 2026. The fund, a Delaware-based entity listed on the New York Stock Exchange under the ticker BXSL, entered into a Tenth Supplemental Indenture with U.S. Bank Trust Company, National Association, which serves as trustee for the issuance.
Key Terms of the Notes
The notes carry a fixed annual interest rate of 5.250% and are set to mature on September 4, 2029. Interest payments will be distributed to holders on a semiannual basis, on March 4 and September 4 of each year, with the first payment scheduled for September 4, 2026. The fund retains the option to redeem the notes in whole or in part at any time at the prices outlined in the indenture.
In terms of capital structure, the notes are general unsecured obligations of the fund. They rank on equal footing with all existing and future unsecured debt that is not expressly subordinated. However, they are effectively junior to any secured indebtedness to the extent of the collateral backing such debt, and structurally junior to obligations of the fund’s subsidiaries and financing vehicles.
Covenants and Investor Protections
The indenture includes several protective covenants for noteholders. Most notably, the fund must maintain compliance with asset coverage standards under the Investment Company Act of 1940, regardless of whether it is technically subject to those provisions. The fund is also required to continue providing financial disclosures to noteholders and the trustee should it cease to be a reporting company under federal securities laws.
The terms also include a change-of-control provision. If a qualifying change-of-control repurchase event occurs, the fund would generally be obligated to offer to buy back outstanding notes at their full principal amount, plus any accrued and unpaid interest through the repurchase date.
Offering Details
The offering was conducted under a registration statement on Form N-2 and supported by a preliminary prospectus supplement and pricing term sheet, both filed with the Securities and Exchange Commission on February 26, 2026. A syndicate of underwriters facilitated the deal, with Citigroup Global Markets, Barclays Capital, J.P. Morgan Securities, SMBC Nikko Securities America, and Truist Securities serving as representatives.
The issuance builds on the fund’s existing debt framework established under a base indenture originally dated July 15, 2020. Legal opinions supporting the transaction were provided by Simpson Thacher & Bartlett LLP and Richards, Layton & Finger, P.A.
