Carlyle Prices $800 Million Senior Notes Offering

Rhea-AI Summary

Carlyle (NASDAQ: CG), a global investment firm, has announced the pricing of $800 million in senior notes with a 5.050% interest rate, due in 2035. The notes will be guaranteed by several Carlyle subsidiaries, with the offering expected to close on September 19, 2025.

The company plans to use the proceeds for general corporate purposes. The offering is being managed by major financial institutions including Citigroup, Goldman Sachs, J.P. Morgan, Morgan Stanley, and Wells Fargo Securities. Carlyle currently manages $465 billion in assets across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest.

Positive

• Successful pricing of $800 million senior notes offering shows strong market confidence
• Solid 5.050% interest rate secured in current market conditions
• Backing by multiple major financial institutions demonstrates strong relationships
• Significant assets under management of $465 billion shows substantial market presence

Negative

• Additional debt obligation could impact future financial flexibility
• Interest payments will increase ongoing expenses

Insights

Fixed Income Analyst

Carlyle's $800M senior notes offering with 5.05% interest demonstrates strong market access and bolsters its capital structure for potential strategic initiatives.

Carlyle (CG) has priced $800 million in senior notes due 2035 with a 5.05% coupon rate, signaling solid debt market access for the private equity giant. This 10-year debt offering comes with full guarantees from multiple Carlyle subsidiaries, providing strong structural protection for bondholders.

The relatively modest 5.05% coupon indicates favorable borrowing terms in the current interest rate environment, especially considering the decade-long duration. This financing should provide Carlyle flexibility for its $465 billion AUM operation across its Global Private Equity, Global Credit, and AlpInvest segments.

While the press release indicates proceeds will be used for "general corporate purposes," this typically translates to potential strategic acquisitions, share repurchases, or operational investments. With over 2,300 employees across 27 offices, Carlyle likely requires substantial capital to maintain its global footprint and pursue growth opportunities.

The firm has engaged top-tier financial institutions (Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley, and Wells Fargo) as joint book-runners, suggesting strong institutional interest. The offering's expected close on September 19 aligns with standard settlement timing for corporate bond issuances.

This debt offering improves Carlyle's financial flexibility without immediately impacting its equity structure, positioning the firm for continued operational execution across its diverse investment platform.

WASHINGTON, Sept. 16, 2025 (GLOBE NEWSWIRE) -- Global investment firm Carlyle (NASDAQ: CG) priced its offering of $800 million aggregate principal amount of 5.050% senior notes due 2035. The notes will be fully and unconditionally guaranteed by Carlyle’s indirect subsidiaries Carlyle Holdings I L.P., Carlyle Holdings II L.L.C., Carlyle Holdings III L.P., and CG Subsidiary Holdings L.L.C. The offering is expected to close on September 19, 2025, subject to customary closing conditions. Carlyle intends to use the net proceeds from the sale of the notes for general corporate purposes.

Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering.

The offering is being made pursuant to an effective shelf registration statement, as amended (Registration No. 333-270745) on file with the U.S. Securities and Exchange Commission (the “SEC”). The offering is being made by means of a prospectus and related prospectus supplement only. An electronic copy of the prospectus supplement, together with the accompanying prospectus, is available on the SEC’s website at www.sec.gov. Alternatively, copies of the prospectus supplement and accompanying prospectus may be obtained by contacting the joint book-running managers: Citigroup Global Markets Inc., telephone: 1-800-831-9146, email: prospectus@citi.com; Goldman Sachs & Co. LLC, telephone: 1-866-471-2526; J.P. Morgan Securities LLC, telephone: 1-212-834-4533; Morgan Stanley & Co. LLC, telephone: 1-866-718-1649; and Wells Fargo Securities, LLC, telephone: 1-800-645-3751.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase the notes or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $465 billion of assets under management as of June 30, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,300 people in 27 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to our expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions and statements that are not historical facts, including our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, contingencies, and our dividend policy. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks, uncertainties, and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements including, but not limited to, those described in this press release and under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 27, 2025, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our other periodic filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by applicable law

This press release does not constitute an offer for any Carlyle fund.

Contacts:

Public Market Investor Relations
Daniel Harris
Phone: +1 (212) 813-4527
daniel.harris@carlyle.com

Media
Brittany Bensaull
Phone: +1 (212) 813-4839
brittany.bensaull@carlyle.com

OR

Kristen Ashton
Phone: +1 (212) 813-4763
kristen.ashton@carlyle.com

FAQ

What is the size and interest rate of Carlyle's (CG) new senior notes offering?

Carlyle has priced $800 million in senior notes with a 5.050% interest rate, due in 2035.

When will Carlyle's (CG) senior notes offering close?

The senior notes offering is expected to close on September 19, 2025, subject to customary closing conditions.

How much assets under management does Carlyle (CG) currently have?

As of June 30, 2025, Carlyle manages $465 billion of assets across Global Private Equity, Global Credit, and Carlyle AlpInvest segments.

Who are the joint book-running managers for Carlyle's notes offering?

The joint book-running managers are Citigroup Global Markets, Goldman Sachs, J.P. Morgan Securities, Morgan Stanley, and Wells Fargo Securities.

What will Carlyle (CG) use the proceeds from the notes offering for?

Carlyle intends to use the net proceeds from the senior notes offering for general corporate purposes.