Summary
Blackstone Inc. (BX), filing as The Blackstone Group L.P. at the time, filed an 8-K on October 5, 2016, to report the entry into a material definitive agreement related to a significant debt offering. Specifically, the company issued €600,000,000 aggregate principal amount of 1.000% Senior Notes due 2026. These notes are unsecured and unsubordinated obligations of the issuer, Blackstone Holdings Finance Co. L.L.C., and are fully and unconditionally guaranteed by several indirect subsidiaries of the Partnership. The filing details the terms of the Ninth Supplemental Indenture, which amends the original indenture from 2009. Key provisions include covenants restricting the incurrence of secured debt, limitations on mergers and asset sales, and defined events of default. The notes carry a low interest rate of 1.000% and mature in 2026, with options for redemption and a change of control repurchase provision at 101% of the principal amount. The offering was made pursuant to Rule 144A and Regulation S, indicating it was not registered under the Securities Act and targeted institutional investors and non-U.S. persons.
Key Highlights
- 1Blackstone Group L.P. completed an offering of €600,000,000 in 1.000% Senior Notes due 2026.
- 2The issuance occurred on October 5, 2016, with interest payable annually.
- 3The notes are unsecured and unsubordinated debt of Blackstone Holdings Finance Co. L.L.C.
- 4The notes are fully and unconditionally guaranteed by several indirect subsidiaries of Blackstone.
- 5The offering was conducted under Rule 144A and Regulation S, targeting qualified institutional buyers and non-U.S. persons.
- 6The indenture includes standard covenants related to debt, mergers, asset sales, and events of default.
- 7A change of control event triggers a repurchase option for noteholders at 101% of the principal amount.