BXSL prices $650M 5.900% notes due 2031

Blackstone Secured Lending Fund issued $650,000,000 of 5.900% notes due 2031 under an Eleventh Supplemental Indenture with U.S. Bank Trust Company, National Association.

Rhea-AI Filing Summary

Blackstone Secured Lending Fund issued $650,000,000 of 5.900% notes due 2031 under an Eleventh Supplemental Indenture with U.S. Bank Trust Company, National Association. The notes mature on May 21, 2031 and pay interest semi-annually on May 21 and November 21, starting November 21, 2026.

The notes are unsecured obligations that rank senior to expressly subordinated debt, equal to the fund’s other unsubordinated unsecured debt, and effectively junior to secured and subsidiary-level obligations. The indenture includes asset coverage covenants tied to Investment Company Act requirements and a change of control repurchase feature at 100% of principal plus accrued interest.

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.

Key Figures

Notes issued: $650,000,000 aggregate principal Coupon rate: 5.900% per year Maturity date: May 21, 2031 +5 more

8 metrics

Notes issued $650,000,000 aggregate principal 5.900% notes due 2031

Coupon rate 5.900% per year Interest on notes due 2031

Maturity date May 21, 2031 Final maturity of notes

Interest payment dates May 21 and November 21 Semi-annual interest, starting November 21, 2026

Change of control price 100% of principal Repurchase offer plus accrued interest on event

Supplemental Indenture number Eleventh Supplemental Indenture Supplement to Base Indenture dated July 15, 2020

Registration statement Form N-2ASR, File No. 333-288640 Covers offering of the notes

Closing date May 21, 2026 Transaction closing for notes issuance

Key Terms

Eleventh Supplemental Indenture, Base Indenture, asset coverage requirements, change of control repurchase event, +2 more

6 terms

Eleventh Supplemental Indenture financial

"entered into an Eleventh Supplemental Indenture (the “Eleventh Supplemental Indenture”..."

Base Indenture financial

"which supplements that certain Base Indenture, dated as of July 15, 2020..."

asset coverage requirements financial

"covenants requiring the Fund to comply with the asset coverage requirements of Section 18(a)(1)(A)..."

A rule or covenant that specifies the minimum value of a company’s assets that must be held to back its debts, obligations or issued securities. It’s like a lender or regulator asking someone to keep enough cash in the bank to cover outstanding loans; for investors, stronger asset coverage means lower risk of loss if the company faces trouble, while weak coverage raises default or dilution concerns.

change of control repurchase event financial

"on the occurrence of a “change of control repurchase event,” as defined in the Indenture..."

A change of control repurchase event happens when a company is sold or otherwise taken over and that sale triggers contractual rights for holders of stock, options, or debt to force the company to buy their securities back for cash. Think of it like a lease that lets the tenant cash out when the building is sold: it gives certain investors a predictable exit price and timeline. This matters because it can change who owns the company, alter cash on hand, affect future returns and dilution, and influence how attractive a takeover or investment looks.

Registration Statement on Form N-2ASR regulatory

"The Notes were offered and sold pursuant to an effective Registration Statement on Form N-2ASR..."

general unsecured obligations financial

"The Notes are general unsecured obligations of the Fund that rank senior in right of payment..."

General unsecured obligations are debts a company owes that are not backed by specific collateral and stand on the same level as other unsecured creditors if the company can’t pay. Think of them as IOUs in a group where some people hold pledged items for repayment (secured creditors) and these do not — unsecured holders share whatever is left. Investors care because these claims carry higher risk and typically recover less in a bankruptcy, affecting bond values and credit risk.

FAQ

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

What debt securities did Blackstone Secured Lending Fund (BXSL) issue in this 8-K?

Blackstone Secured Lending Fund issued $650,000,000 in 5.900% notes due 2031. These are general unsecured obligations governed by an Eleventh Supplemental Indenture, providing investors with fixed semi-annual interest payments until maturity on May 21, 2031.

What is the interest rate and payment schedule on BXSL’s 5.900% notes due 2031?

The notes carry a fixed 5.900% annual interest rate, paid semi-annually. Interest payments are scheduled for May 21 and November 21 each year, beginning November 21, 2026, providing holders with predictable cash flow through maturity.

How do BXSL’s 5.900% notes due 2031 rank relative to other obligations?

The notes are general unsecured obligations of the fund. They rank senior to expressly subordinated debt, pari passu with other unsubordinated unsecured debt, effectively junior to secured debt, and structurally junior to obligations of subsidiaries and financing vehicles.

What protections do holders of BXSL’s 5.900% notes due 2031 have under the indenture?

The indenture includes asset coverage covenants referencing Section 18(a)(1)(A) as modified by Section 61(a) of the Investment Company Act. It also requires financial information delivery if reporting status changes and contains limitations and exceptions described in the indenture.

What happens to BXSL’s 5.900% notes if there is a change of control repurchase event?

Upon a defined change of control repurchase event, the fund must generally offer to repurchase outstanding notes. The repurchase price is 100% of principal of each note plus accrued and unpaid interest to, but excluding, the repurchase date.

Under what registration statement were BXSL’s 5.900% notes due 2031 offered?

The notes were offered and sold under an effective Registration Statement on Form N-2ASR, File No. 333-288640. A preliminary prospectus supplement and a pricing term sheet were filed on May 14, 2026, and the transaction closed on May 21, 2026.

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

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Accepted by SEC EDGAR 05/21/2026 - 04:08 PM EDT Learn about SEC filing dates

false 0001736035 0001736035 2026-05-21 2026-05-21

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): May 21, 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 May 21, 2026, Blackstone Secured Lending Fund (the “Fund”) and U.S. Bank Trust Company, National Association (the “Trustee”) entered into an Eleventh Supplemental Indenture (the “Eleventh Supplemental Indenture” and, together with the Base Indenture (defined herein), the “Indenture”) related to the $650,000,000 in aggregate principal amount of its 5.900% 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 May 21, 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 5.900% per year payable semi-annually on May 21 and November 21 of each year, commencing on November 21, 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, but excluding, the repurchase date.

The Notes were offered and sold pursuant to an effective Registration Statement on Form N-2ASR (File No. 333-288640), filed on July 11, 2025, and the preliminary prospectus supplement and the pricing term sheet, each filed with the United States Securities and Exchange Commission on May 14, 2026. The transaction closed on May 21, 2026.

The foregoing descriptions of the Base Indenture, the Eleventh 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 Eleventh 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 May 14, 2026, by and among the Fund, Blackstone Private Credit Strategies LLC and Goldman Sachs & Co. LLC, Barclays Capital Inc., Citigroup Global Markets Inc., 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		Eleventh Supplemental Indenture, dated as of May 21, 2026, relating to the 5.900% Notes due 2031, by and between the Fund and U.S. Bank Trust Company, National Association, as trustee.
4.3		Form of 5.900% 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: May 21, 2026		BLACKSTONE SECURED LENDING FUND
		By:		/s/ Lucie Enns
		Name:		Lucie Enns
		Title:		Chief Legal Officer and Secretary

Filing Exhibits & Attachments

7 documents

Other Documents

• EX-1.1 EXHIBIT 1.1 489.1 KB
• EX-4.2 EXHIBIT 4.2 229.8 KB
• EX-5.1 EXHIBIT 5.1 20.3 KB
• EX-5.2 EXHIBIT 5.2 31.7 KB
• EX-101 XBRL SCHEMA FILE 1.9 KB
• EX-101 XBRL LABEL FILE 17.6 KB
• EX-101 XBRL PRESENTATION FILE 11.7 KB