HG bonds: Blackstone Private Credit Fund places 2024, 2027 notes; terms

Business development company Blackstone Private Credit Fund, or BCRED, made yet another quick return to the debt capital markets today, with a $1.5 billion, two-part offering across senior notes due in 2024 and 2027. A previously proposed 2024 floating-rate tranche was dropped during the marketing process.

On Sept. 10, the issuer placed a $900 million offering of 2.625% notes due Dec. 15, 2026, at T+195, or 2.768%. Subsequently, on Oct. 7, the company added $350 million to the existing 2026 issue at a tighter spread of T+185.8 and higher yield of 2.875%.

The 2026 notes were issued alongside $365 million of 1.75% notes due Sept. 15, 2024. The offering represented BCRED's debut placement on the U.S. bond markets.

BCRED is externally managed by Blackstone Credit BDC Advisors LLC, a subsidiary of Blackstone Inc.

On Sept. 10, Moody's assigned first-time Baa3 ratings to BCRED, which commenced operations in January this year.

Terms: