Summary
Blackstone Inc. (BX) has filed an 8-K report detailing the amendment and restatement of its revolving credit facility. This new agreement, effective November 24, 2020, extends the facility's maturity date to November 24, 2025, providing enhanced financial flexibility. Additionally, the minimum required amount of fee-generating assets under management has been increased from $150.0 billion to $175.0 billion, reflecting the company's growth and confidence in its asset management capabilities. The facility remains unsecured and contains customary covenants, including a maximum net leverage ratio and the minimum AUM requirement, which are consistent with previous agreements.
Key Highlights
- 1Blackstone amended and restated its revolving credit facility, increasing its size to $2.25 billion.
- 2The maturity date of the credit facility has been extended from September 21, 2023, to November 24, 2025.
- 3The minimum required amount of fee-generating assets under management has been raised from $150.0 billion to $175.0 billion.
- 4The credit facility is unsecured, indicating a strong credit profile for Blackstone.
- 5The amended agreement includes standard representations, covenants, and events of default, similar to the previous facility.
- 6Financial covenants consist of a maximum net leverage ratio and a minimum fee-generating assets under management requirement.
- 7The primary borrower is Blackstone Holdings Finance Co. L.L.C., with several Blackstone Holdings L.P. entities acting as guarantors.