Summary
Blackstone Inc. (BX) filed an 8-K on September 10, 2019, detailing the issuance of new senior notes and the results of a tender offer for existing notes. The company successfully issued $500 million in 2.500% Senior Notes due 2030 and $400 million in 3.500% Senior Notes due 2049. These new notes are unsecured and unsubordinated obligations of the issuer, fully guaranteed by Blackstone's indirect subsidiaries. The financing activities aim to manage Blackstone's debt structure and extend its maturity profile.
Key Highlights
- 1Blackstone issued $900 million in new senior notes: $500 million of 2.500% Senior Notes due 2030 and $400 million of 3.500% Senior Notes due 2049.
- 2The new notes are unsecured and unsubordinated, with full guarantees from Blackstone's indirect subsidiaries.
- 3The issuance involved supplemental indentures, including the Thirteenth Supplemental Indenture for the 2030 Notes and the Fourteenth Supplemental Indenture for the 2049 Notes.
- 4The notes are subject to standard covenants, including limitations on liens, mergers, and asset sales, with provisions for default and acceleration.
- 5Blackstone conducted a cash tender offer for its 5.875% Senior Notes due 2021, receiving tenders for approximately $174.6 million principal amount.
- 6The new notes were offered pursuant to Rule 144A and Regulation S, indicating they were primarily offered to institutional investors and non-US persons.
- 7The filing incorporates by reference several exhibits, including the base indenture, supplemental indentures, forms of the notes, and press releases announcing the offering and tender offer results.