BCRED Prices $750 Million in New Unsecured Notes at 6.2%

Blackstone Private Credit Fund, or BCRED, priced $750 million in unsecured notes due 2031 at a 6.2% coupon, according to a pricing term sheet filed Monday.

The notes, maturing Nov. 15, 2031, were priced at 98.966% of face value for a yield to maturity of 6.428%, a spread of 205 basis points over the benchmark Treasury. Moody’s assigned an expected rating of Baa2 with a stable outlook, and S&P assigned an expected rating of BBB- with a positive outlook. Settlement is expected Aug. 19.

Wells Fargo Securities, Citigroup, Goldman Sachs, RBC Capital Markets, and SMBC Nikko Securities are serving as joint book-running managers.

BCRED, a nontraded business development company sponsored by Blackstone Inc. (NYSE: BX), has continued to raise capital through debt and equity markets amid elevated share repurchase demand. AltsWire reported in July that repurchase requests remained elevated in the second quarter even as redemption pressure eased heading into the third quarter.

That pressure followed a stretch of deteriorating fund performance in 2025. As reported in March, BCRED’s net asset value per share declined in eight of 12 months during 2025, falling 2.5% for the year, while net unrealized losses widened to $522.9 million from $97.3 million in 2024 — the financial backdrop preceding a record first-quarter 2026 redemption surge in which investors requested to redeem 7.9% of the fund’s shares.

The fund fully satisfied that surge by upsizing its repurchase cap to 7% and drawing on $400 million in capital from Blackstone and its employees.

Last week, BCRED recorded $1.85 billion in net unrealized depreciation for the six months ended June 30, 2026. This was more than triple the fund’s $522.9 million unrealized-loss total for 2025, the fund reported.

Visit the AltsWire directory page.