Sixth Street Lending Partners Prices $750 Million of 6.5% Notes Due 2031 Below Par

Proceeds are earmarked for the same secured facilities a $500 million capital call two weeks earlier would also have repaid, pointing to a balance sheet shifting from bridge financing toward permanent debt.

September 21, 2026

Sixth Street Lending Partners is adding $750 million of unsecured term debt to its capital structure, pricing 6.500% notes due 2031 in a private placement expected to close September 21.

The non-traded BDC signed the purchase agreement on September 14 with BofA Securities, acting as representative of a group of initial purchasers, and with its adviser, Sixth Street Lending Partners Advisers. The notes were sold to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S.

Terms

• Pricing: 98.987% of face value
• Coupon: 6.500%, paid semi-annually on June 15 and December 15, first payment December 15, 2026
• Maturity: December 15, 2031
• Use of proceeds: paydown of the revolving credit facility, the subscription facility, or both, with the balance for general corporate purposes

Second capital event this month

The notes are the second raise in September that flows toward the same secured borrowings. The September 1 capital call covered in drew $500 million from investors, and drawdowns against commitments are the ordinary mechanism for retiring subscription-line balances.

Layering fixed-rate unsecured notes over a subscription facility and a revolver is a familiar sequence for a private BDC as its portfolio matures. Subscription lines are bridge financing sized to undrawn commitments, and revolvers carry floating-rate exposure and lender-controlled advance rates. Term notes lock in a fixed cost of funds for a defined period and free up secured capacity for the portfolio to draw on. For a vehicle whose equity fundraising is complete, unsecured issuance is one of the few remaining levers for growing the balance sheet.

Registration rights and related dealings

Consistent with the 144A structure, the trust will enter into a registration rights agreement with BofA Securities on or before closing, which typically commits the issuer to offer holders registered notes in exchange for the privately placed paper within an agreed period.

Certain initial purchasers and their affiliates have done, and may continue to do, investment banking and other commercial business with the trust or its affiliates in the ordinary course, receiving customary fees. The purchase agreement contains standard representations, warranties, closing conditions, indemnification provisions and termination rights. Chief Financial Officer Ian Simmonds signed the disclosure on September 18.