Blackstone Secured Lending Fund issues $500M unsecured 2031 notes

Rhea-AI Filing Summary

Blackstone Secured Lending Fund announced a new debt issuance, entering into a Ninth Supplemental Indenture for $500,000,000 aggregate principal amount of 5.125% notes due 2031.

The notes mature on January 31, 2031, pay interest at 5.125% per year, and pay semi-annually on January 31 and July 31, starting January 31, 2026. They are general unsecured obligations that rank senior to expressly subordinated debt, pari passu with other unsecured unsubordinated debt, effectively junior to secured debt to the extent of collateral value, and structurally junior to subsidiary-level obligations.

The Indenture includes covenants linked to Investment Company Act asset coverage requirements and ongoing financial reporting if Exchange Act reporting ceases. Upon a change of control repurchase event, the Fund must offer to repurchase the notes at 100% of principal plus accrued interest. The notes were offered under an effective N-2 shelf, with the transaction closing on October 14, 2025.

Insights

Credit markets analyst

BXSL issued $500M 5.125% 2031 notes with standard BDC covenants; neutral impact.

BXSL completed a financing of $500,000,000 in 5.125% notes maturing in 2031. Coupon is fixed at 5.125%, with semi-annual payments beginning January 31, 2026. Ranking terms are typical: unsecured, pari passu with other unsecured debt, effectively junior to secured debt, and structurally junior to subsidiaries.

The Indenture includes covenants to maintain Investment Company Act asset coverage and provide financial information if Exchange Act reporting ends. A change of control repurchase at 100% plus accrued interest provides bondholder protection without early call premium obligations.

Key operational dates include interest commencements on January 31 and July 31. Actual leverage and liquidity effects depend on broader balance sheet details and future filings.

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): October 14, 2025

______________________

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 October 14, 2025, Blackstone Secured Lending Fund (the “Fund”) and U.S. Bank Trust Company, National Association (the “Trustee”) entered into a Ninth Supplemental Indenture (the “Ninth Supplemental Indenture” and, together with the Base Indenture (defined herein), the “Indenture”) related to the $500,000,000 in aggregate principal amount of its 5.125% notes due 2031 (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 January 31, 2031 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 5.125% per year payable semi-annually on January 31 and July 31 of each year, commencing on January 31, 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 October 6, 2025 and the pricing term sheet filed with the Securities and Exchange Commission on October 6, 2025. The transaction closed on October 14, 2025.

The foregoing descriptions of the Base Indenture, the Ninth 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 Ninth 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 October 6, 2025, by and among the Fund, Blackstone Private Credit Strategies LLC and Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. 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		Ninth Supplemental Indenture, dated as of October 14, 2025, relating to the 5.125% Notes due 2031, by and between the Fund and U.S. Bank Trust Company, National Association, as trustee.
4.3		Form of 5.125% Notes due 2031 (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: October 14, 2025		BLACKSTONE SECURED LENDING FUND
		By:		/s/ Lucie Enns
		Name:		Lucie Enns
		Title:		Chief Legal Officer and Secretary

0001736035 false 0001736035 2025-10-14 2025-10-14 iso4217:USD

FAQ

What did BXSL announce in its 8-K?

BXSL entered into a Ninth Supplemental Indenture for $500,000,000 aggregate principal amount of 5.125% notes due 2031.

What are the key terms of BXSL's 5.125% notes due 2031 (BXSL)?

The notes mature on January 31, 2031, bear interest at 5.125%, and pay semi-annually on January 31 and July 31, starting January 31, 2026.

How do the BXSL notes rank in the capital structure?

They are general unsecured obligations, senior to expressly subordinated debt, pari passu with other unsecured unsubordinated debt, effectively junior to secured debt, and structurally junior to subsidiary obligations.

What protections are included for noteholders of BXSL?

Upon a change of control repurchase event, BXSL must offer to repurchase at 100% of principal plus accrued interest.

What covenants apply to BXSL’s new notes?

Covenants require compliance with Investment Company Act asset coverage and provision of financial information if Exchange Act reporting ceases.

When did the BXSL notes offering close and under what registration?

It closed on October 14, 2025 under Form N-2, supported by a preliminary prospectus supplement and pricing term sheet filed on October 6, 2025.

Who is the trustee for the BXSL notes?

The trustee is U.S. Bank Trust Company, National Association.