Summary
Blackstone Inc. (then The Blackstone Group L.P.) filed an 8-K on March 25, 2010, reporting the execution of a new $1.070 billion revolving credit facility on March 23, 2010. This facility, which matures in March 2013, provides liquidity for the company and its subsidiaries. The credit facility is unsecured and has financial covenants tied to a maximum net leverage ratio and a minimum level of fee-generating assets under management, which are tested quarterly. This report is significant as it details a key financing arrangement, indicating the company's access to capital and its commitment to maintaining financial stability through specific leverage and asset management metrics.
Key Highlights
- 1Blackstone entered into a new $1.070 billion revolving credit facility on March 23, 2010.
- 2The credit facility has a maturity date of March 23, 2013.
- 3The facility is provided by Citibank, N.A. as Administrative Agent and other lenders.
- 4Borrowings can be made in USD, U.K. Sterling, or Euros, subject to sub-limits.
- 5The New Credit Facility is unsecured.
- 6Key financial covenants include a maximum net leverage ratio and a minimum amount of fee-generating assets under management, tested quarterly.
- 7The filing also lists the Credit Agreement as an exhibit.
Frequently Asked Questions
The primary purpose of this 8-K filing is to report the creation of a new $1.070 billion revolving credit facility by Blackstone and its subsidiaries. This provides investors with information about the company's financing arrangements and liquidity.
The new credit facility has a final maturity date of March 23, 2013.
Yes, the credit facility includes financial covenants that require Blackstone to maintain a maximum net leverage ratio and a minimum amount of fee-generating assets under management, both of which are tested quarterly.
No, the New Credit Facility is unsecured.