Blackstone Secured Lending issues $400M 2029 notes

Blackstone Secured Lending Fund entered into a Tenth Supplemental Indenture with U.S. Bank Trust Company covering $400,000,000 in aggregate principal amount of its 5.250% notes due 2029.

Rhea-AI Filing Summary

Blackstone Secured Lending Fund entered into a Tenth Supplemental Indenture with U.S. Bank Trust Company covering $400,000,000 in aggregate principal amount of its 5.250% notes due 2029. These notes mature on September 4, 2029 and pay interest semi-annually on March 4 and September 4, starting September 4, 2026.

The notes are general unsecured obligations that rank senior to expressly subordinated debt, pari passu with other unsecured unsubordinated debt, effectively junior to secured debt up to the value of collateral, and structurally junior to subsidiary-level obligations. The Indenture includes asset coverage and reporting-related covenants and requires the Fund, upon a defined change of control repurchase event, to offer to repurchase notes at 100% of principal plus accrued interest. The notes were offered off an effective Form N-2 registration, and the transaction closed on March 3, 2026.

Insights

Credit and capital structure analyst

$400M unsecured 5.25% notes add term funding to BXSL.

Blackstone Secured Lending Fund has issued $400,000,000 of 5.250% notes due 2029, locking in fixed-rate term financing. Interest is paid semi-annually starting on September 4, 2026, which clarifies future cash interest commitments and maturity timing on September 4, 2029.

The notes are unsecured and sit senior to expressly subordinated debt, equal with other unsecured unsubordinated obligations, and effectively junior to secured and subsidiary-level indebtedness. Covenants tie the vehicle to Investment Company Act asset coverage tests and ongoing financial reporting if Exchange Act reporting were to cease.

A change of control repurchase event would require an offer to buy notes at 100% of principal plus accrued interest, adding a defined obligation if control shifts. Actual impact on leverage and flexibility will depend on how this debt fits alongside existing secured facilities and future portfolio performance as disclosed in subsequent periodic reports.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What type of debt did Blackstone Secured Lending Fund (BXSL) issue?

Blackstone Secured Lending Fund issued $400,000,000 in aggregate principal amount of 5.250% notes due 2029. These are general unsecured obligations governed by a Base Indenture and a Tenth Supplemental Indenture with U.S. Bank Trust Company as trustee.

When do BXSL’s new 5.250% notes due 2029 mature and pay interest?

The notes mature on September 4, 2029. They bear interest at 5.250% per year, with interest payable semi-annually on March 4 and September 4, beginning on September 4, 2026, providing bondholders with regular cash coupon payments.

How do Blackstone Secured Lending Fund’s new notes rank in its capital structure?

The notes are general unsecured obligations. They rank senior to indebtedness expressly subordinated to them, pari passu with other unsecured unsubordinated debt, effectively junior to secured debt to the extent of collateral, and structurally junior to all existing and future subsidiary-level obligations.

What key covenants apply to BXSL’s 5.250% notes due 2029?

The Indenture includes covenants requiring compliance with Investment Company Act asset coverage requirements and obligations to provide financial information if Exchange Act reporting ceases. These covenants have important limitations and exceptions described in the Indenture documentation filed as exhibits.

What happens to BXSL’s notes upon a change of control repurchase event?

If a defined change of control repurchase event occurs, Blackstone Secured Lending Fund generally must offer to purchase outstanding notes at 100% of principal plus accrued and unpaid interest to the repurchase date, giving noteholders a contractual exit mechanism in that scenario.

Under what registration was BXSL’s 5.250% notes offering conducted?

The notes were offered and sold under a Registration Statement on Form N-2 (File No. 333-288640), along with a preliminary prospectus supplement and a pricing term sheet, all filed with the SEC. The transaction closed on March 3, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/03/2026 - 04:07 PM Learn about SEC filing dates

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

______________________

FORM 8-K

______________________

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 3, 2026

______________________

Blackstone Secured Lending Fund
(Exact name of registrant as specified in its charter)

______________________

Delaware		814-01299		82-7020632
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

345 Park Avenue
New York, New York 10154
(Address of principal executive offices, including zip code)

(212) 503-2100
(Registrant’s phone number, including area code)

N/A
(Former name or former address, if changed since last report)

______________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Shares of Beneficial Interest, $0.001 par value per share		BXSL		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2):

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01.       Other Events.

On March 3, 2026, Blackstone Secured Lending Fund (the “Fund”) and U.S. Bank Trust Company, National Association (the “Trustee”) entered into a Tenth Supplemental Indenture (the “Tenth Supplemental Indenture” and, together with the Base Indenture (defined herein), the “Indenture”) related to the $400,000,000 in aggregate principal amount of its 5.250% notes due 2029 (the “Notes”), which supplements that certain Base Indenture, dated as of July 15, 2020 (as may be further amended, supplemented or otherwise modified from time to time, the “Base Indenture”).

The Notes will mature on September 4, 2029 and may be redeemed in whole or in part at the Fund’s option at any time and from time to time at the redemption prices set forth in the Indenture. The Notes bear interest at a rate of 5.250% per year payable semi-annually on March 4 and September 4 of each year, commencing on September 4, 2026. The Notes are general unsecured obligations of the Fund that rank senior in right of payment to all of the Fund’s existing and future indebtedness that is expressly subordinated in right of payment to the Notes, rank pari passu with all existing and future unsecured indebtedness issued by the Fund that are not so subordinated, rank effectively junior to any of the Fund’s secured indebtedness (including unsecured indebtedness that the Fund later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Fund’s subsidiaries, financing vehicles or similar facilities.

The Indenture contains certain covenants, including covenants requiring the Fund to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a) of the Investment Company Act of 1940, as amended, whether or not it is subject to those requirements, and to provide financial information to the holders of the Notes and the Trustee if the Fund is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the Indenture.

In addition, on the occurrence of a “change of control repurchase event,” as defined in the Indenture, the Fund will generally be required to make an offer to purchase the outstanding Notes at a price equal to 100% of the principal amount of such Notes plus accrued and unpaid interest to the repurchase date.

The Notes were offered and sold pursuant to the Registration Statement on Form N-2 (File No. 333-288640), the preliminary prospectus supplement filed with the Securities and Exchange Commission on February 26, 2026 and the pricing term sheet filed with the Securities and Exchange Commission on February 26, 2026. The transaction closed on March 3, 2026.

The foregoing descriptions of the Base Indenture, the Tenth Supplemental Indenture and the Notes do not purport to be complete and are qualified in their entirety by reference to the full text of the Base Indenture, the Tenth Supplemental Indenture and the Notes, respectively, each filed as an exhibit hereto and incorporated by reference herein.

Item 9.01.       Financial Statements and Exhibits.

(d)    Exhibits.

1.1		Underwriting Agreement, dated as of February 26, 2026, by and among the Fund, Blackstone Private Credit Strategies LLC and Citigroup Global Markets Inc., Barclays Capital Inc., J.P. Morgan Securities LLC, SMBC Nikko Securities America, Inc. and Truist Securities, Inc., as representatives of the several underwriters named therein.
4.1		Indenture, dated as of July 15, 2020, by and between the Fund and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 of the Fund’s Current Report on Form 8-K, filed on July 17, 2020).
4.2		Tenth Supplemental Indenture, dated as of March 3, 2026, relating to the 5.250% Notes due 2029, by and between the Fund and U.S. Bank Trust Company, National Association, as trustee.
4.3		Form of 5.250% Notes due 2029 (incorporated by reference to Exhibit 4.2 hereto).
5.1		Opinion of Simpson Thacher & Bartlett LLP.
5.2		Opinion of Richards, Layton & Finger, P.A.
23.1		Consent of Simpson Thacher & Bartlett LLP (included as part of Exhibit 5.1).
23.2		Consent of Richards, Layton & Finger, P.A. (included as part of Exhibit 5.2).
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 3, 2026		BLACKSTONE SECURED LENDING FUND
		By:		/s/ Lucie Enns
		Name:		Lucie Enns
		Title:		Chief Legal Officer and Secretary

0001736035 false 0001736035 2026-03-03 2026-03-03

Filing Exhibits & Attachments

7 documents

Other Documents

• EX-1.1 EXHIBIT 1.1 481.2 KB
• EX-4.2 EXHIBIT 4.2 229.1 KB
• EX-5.1 EXHIBIT 5.1 20.3 KB
• EX-5.2 EXHIBIT 5.2 31.3 KB
• EX-101 XBRL SCHEMA FILE 3.0 KB
• EX-101 XBRL LABEL FILE 19.6 KB
• EX-101 XBRL PRESENTATION FILE 10.8 KB