Blackstone Secured Lending Fund's $500 Million Senior Unsecured Notes Due 2030 Rated 'BBB-'

NEW YORK (S&P Global Ratings) Feb. 27, 2025--S&P Global Ratings today said it assigned its 'BBB-' issue rating to Blackstone Secured Lending Fund's (BXSL's) $500 million senior unsecured notes due 2030. The company intends to use the net proceeds for general corporate purposes, including the potential repayment of existing secured debt (about $3.2 billion outstanding as of Dec. 31, 2024). BXSL's total indebtedness as of Dec. 31, 2024, was approximately $7.1 billion. About 55% of that amount was unsecured--above the 50% average for rated peers. As of Dec. 31, 2024, BXSL's leverage, measured as gross debt to adjusted total equity (ATE), was 1.14x, and its asset coverage ratio was 186%. Pro forma for this transaction and conservatively assuming no repayment

...February 27, 2025 NEW YORK (S&P Global Ratings) Feb. 27, 2025--S&P Global Ratings today said it assigned its '###-' issue rating to Blackstone Secured Lending Fund's (BXSL's) $500 million senior unsecured notes due 2030. The company intends to use the net proceeds for general corporate purposes, including the potential repayment of existing secured debt (about $3.2 billion outstanding as of Dec. 31, 2024). BXSL's total indebtedness as of Dec. 31, 2024, was approximately $7.1 billion. About 55% of that amount was unsecured--above the 50% average for rated peers. As of Dec. 31, 2024, BXSL's leverage, measured as gross debt to adjusted total equity (ATE), was 1.14x, and its asset coverage ratio was 186%. Pro forma for this transaction and conservatively assuming no repayment of existing debt, gross leverage would be 1.22x, still within our base-case expectation of 1.00x-1.25x. BXSL's investment portfolio grew to $13.1 billion in fair value ($13.2 billion at cost) across 276 companies as of...

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