Blackstone Secured Lending Fund's Proposed $400 Million Senior Unsecured Notes Due 2027 Rated 'BBB-'

NEW YORK (S&P Global Ratings) May 13, 2024--S&P Global Ratings today assigned its 'BBB-' rating to Blackstone Secured Lending Fund's (BXSL) proposed issuance of $400 million senior unsecured notes due 2027. The company intends to use the net proceeds for general corporate purposes, including the potential repayment of existing secured debt (totaling about $2.5 billion as of March 31, 2024). As of March 31, 2024, BXSL's leverage, measured as gross debt to adjusted total equity (ATE), was 1.01x, and its asset coverage ratio was 197%. Pro forma this transaction, conservatively assuming no repayment of existing debt, gross leverage would be 1.09x, still within our base-case expectation of 1.0x-1.25x. As of March 31, 2024, BXSL's non-accrual ratio at cost was low

...May 13, 2024 NEW YORK (S&P Global Ratings) May 13, 2024--S&P Global Ratings today assigned its '###-' rating to Blackstone Secured Lending Fund's (BXSL) proposed issuance of $400 million senior unsecured notes due 2027. The company intends to use the net proceeds for general corporate purposes, including the potential repayment of existing secured debt (totaling about $2.5 billion as of March 31, 2024). As of March 31, 2024, BXSL's leverage, measured as gross debt to adjusted total equity (ATE), was 1.01x, and its asset coverage ratio was 197%. Pro forma this transaction, conservatively assuming no repayment of existing debt, gross leverage would be 1.09x, still within our base-case expectation of 1.0x-1.25x. As of March 31, 2024, BXSL's non-accrual ratio at cost was low at 0.1%. Payment-in-kind (PIK) interest was 6.6% of gross investment income for the first quarter, versus 4.5% for full-year 2023. Because of potentially higher-for-longer interest rates, S&P Global Ratings expects that...

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