Blackstone Private Credit Fund
09/03/2025 | Press release | Distributed by Public on 09/03/2025 15:06
Free Writing Prospectus (Form FWP)
Filed Pursuant to Rule 433
Issuer Free Writing Prospectus dated September 3, 2025
Relating to Preliminary Prospectus Supplement dated September 3, 2025 and
Prospectus dated January 30, 2025
Registration No. 333-284601
Blackstone Private Credit Fund
$500,000,000 5.050% Notes due 2030
PRICING TERM SHEET
September 3, 2025
The following sets forth the final terms of the 5.050% Notes due 2030 (the "Notes") and should only be read together with the preliminary prospectus supplement, dated September 3, 2025 (the "Preliminary Prospectus Supplement") related to the Notes, and supersedes the information in the Preliminary Prospectus Supplement to the extent inconsistent with the information in the Preliminary Prospectus Supplement. In all other respects, this pricing term sheet is qualified in its entirety by reference to the Preliminary Prospectus Supplement. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Prospectus Supplement. All references to dollar amounts are references to U.S. dollars.
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Issuer: Security Title: Expected Ratings*: |
Blackstone Private Credit Fund 5.050% Notes due 2030 Baa2 (stable) (Moody's) / BBB- (positive) (S&P) |
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Aggregate Principal Amount Offered: |
$500,000,000 |
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Maturity Date: |
September 10, 2030 |
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Trade Date: Settlement Date: Interest Payment Dates: |
September 3, 2025 September 10, 2025 (T+5)** March 10 and September 10, commencing March 10, 2026 |
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Price to Public (Issue Price): |
98.953% of the principal amount |
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Coupon (Interest Rate): |
5.050% |
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Yield to Maturity: |
5.291% |
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Spread to Benchmark Treasury: |
+ 160 basis points |
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Benchmark Treasury: |
3.625% due August 31, 2030 |
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Benchmark Treasury Price and Yield: |
99 - 22+ / 3.691% |
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Optional Redemption: |
Prior to August 10, 2030 (the date falling one month prior to the maturity date of the Notes) (the "Par Call Date"), we may redeem some or all of the Notes at any time, or from time to time, at a redemption price equal to the greater of: - 100% of the principal amount of the Notes to be redeemed, or |
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- the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the redemption date) on the Notes to be redeemed through the Par Call Date, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate (as defined in the Preliminary Prospectus Supplement) plus 25 basis points, plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date. On or after the Par Call Date, we may redeem some or all of the Notes at any time, or from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date. |
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Denomination: |
$2,000 and integral multiples of $1,000 in excess thereof |
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CUSIP / ISIN: |
09261HBY2 / US09261HBY27 |
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Joint Book-Running Managers: |
Goldman Sachs & Co. LLC Barclays Capital Inc. Citigroup Global Markets Inc. RBC Capital Markets, LLC Wells Fargo Securities, LLC MUFG Securities Americas Inc. SMBC Nikko Securities America, Inc. Deutsche Bank Securities Inc. J.P. Morgan Securities LLC Morgan Stanley & Co. LLC Truist Securities, Inc. BofA Securities, Inc. BNP Paribas Securities Corp. ING Financial Markets LLC TD Securities (USA) LLC U.S. Bancorp Investments, Inc. Credit Agricole Securities (USA) Inc. HSBC Securities (USA) Inc. Mizuho Securities USA LLC Regions Securities LLC SG Americas Securities, LLC |
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Co-Managers: |
Blackstone Securities Partners L.P. BNY Mellon Capital Markets, LLC CIBC World Markets Corp. Fifth Third Securities, Inc. M&T Securities, Inc. Keefe, Bruyette & Woods, Inc. Natixis Securities Americas LLC Raymond James & Associates, Inc. Academy Securities, Inc. Blaylock Van, LLC Drexel Hamilton, LLC R. Seelaus & Co., LLC |
Note: *A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
Note: **Blackstone Private Credit Fund expects that delivery of the Notes will be made to investors on or about September 10, 2025, which will be the fifth business day following the date hereof. Under Rule 15c6-1 under the Exchange Act, trades in the secondary market are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes prior to the business day before the delivery of the Notes will be required, by virtue of the fact that the Notes initially settle in T+5, to specify an alternative arrangement at the time of any such trade to prevent a failed settlement and should consult their own advisors.
Investors are advised to carefully consider the investment objectives, risks, charges and expenses of Blackstone Private Credit Fund before investing. The Preliminary Prospectus Supplement contains this and other information about Blackstone Private Credit Fund and should be read carefully before investing.
The Preliminary Prospectus Supplement and this pricing term sheet are not offers to sell any securities of Blackstone Private Credit Fund and are not soliciting an offer to buy such securities in any state or jurisdiction where such offer and sale is not permitted. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Blackstone Private Credit Fund, any underwriter or any dealer participating in the offering will arrange to send you the Preliminary Prospectus Supplement if you request it from Goldman Sachs & Co. LLC toll-free at +1 (866) 471-2526, Barclays Capital Inc. toll-free at +1 (888) 603-5847, Citigroup Global Markets Inc. toll-free at +1 (800) 831-9146, RBC Capital Markets, LLC toll-free at +1 (866) 375-6829 or Wells Fargo Securities, LLC at +1 (800) 645-3751.
Any disclaimers or notices that may appear on this term sheet below the text of this legend are not applicable to this term sheet and should be disregarded. Such disclaimers may have been electronically generated as a result of this term sheet having been sent via, or posted on, Bloomberg or another electronic mail system.
Blackstone Private Credit Fund published this content on September 03, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on September 03, 2025 at 21:06 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]