Blackstone Closes $1.1 Billion Bond Sale With Coupons Up To 5.9%
The alternative asset manager's two note tranches mature in 2031 and 2033, and proceeds are earmarked for general corporate purposes.
Blackstone, the alternative asset manager, completed a $1.1 billion sale of senior notes on Monday: $600 million of 5.650% notes due 2031 and $500 million of 5.900% notes due 2033, according to an 8-K. The company said it plans to use the proceeds for general corporate purposes.
Two tranches, two coupons
The notes were issued by Blackstone Reg Finance Co., an indirect subsidiary. Interest accrues from November 2, 2026 and is paid twice a year, on May 3 and November 3, with the first payment due May 3, 2027.
The 2031 notes mature on November 3, 2031, and the 2033 notes on November 3, 2033. The company's press release described the sale as the completion of a previously announced offering.
Pricing came on October 27, when the issuer and guarantors signed an underwriting agreement with Citigroup, Goldman Sachs, Morgan Stanley, SMBC Nikko and Wells Fargo as representatives of the underwriters. The notes were registered under a shelf registration statement filed December 2, 2024 and amended February 27, 2026.
Who stands behind the notes
The notes are unsecured and unsubordinated. Blackstone Inc. and five holding partnerships (Blackstone Holdings I, AI, II, III and IV) guarantee them fully and unconditionally, jointly and severally.
The indenture, the contract governing the notes, limits the issuer and guarantors from taking on debt secured by liens on voting stock or profit-participating equity interests of subsidiaries. It also restricts mergers, consolidations and sales, transfers or leases of assets, subject to exceptions. The Bank of New York Mellon Trust Company is trustee under an indenture dated December 6, 2024.
Redemption and default terms
Blackstone can redeem the 2031 notes early at a make-whole price (a formula price that compensates holders for lost interest) until October 3, 2031, then at par. The 2033 notes carry make-whole pricing until September 3, 2033, then par.
If a change-of-control repurchase event occurs, the issuer must offer to repurchase the notes at 101% of principal plus accrued interest.
After an event of default, the trustee or holders of at least 25% of the outstanding notes' principal can declare them immediately due. In specified bankruptcy or insolvency events, they become due automatically.
Blackstone invests for pension funds, insurance companies and individual investors across real estate, private equity, infrastructure, credit and other strategies. It reported more than $1.3 trillion in assets under management as of December 31, 2025.
The first semiannual interest payment on both tranches falls on May 3, 2027.
Sources
- 8-K Filing — Blackstone Inc. (BX) — SEC EDGAR
- Exhibit d377521dex991.htm — Blackstone Inc. 8-K exhibit — SEC EDGAR
- Blackstone Prices $1.1 Billion Senior Notes Offering – Company Announcement - FT.com — Financial Times
- Blackstone Launches Senior Notes Offering — Yahoo Finance
- Blackstone Completes Senior Notes Offering — businesswire.com
