Summary
Blackstone Inc. (BX) announced on June 7, 2022, the entry into an amended and restated $4.135 billion revolving credit facility by its indirect subsidiaries, Blackstone Holdings Finance Co. L.L.C. (as borrower) and various Blackstone Holdings entities (as guarantors). This facility, effective June 3, 2022, replaces a previous agreement and extends the maturity date to June 3, 2027. Key changes include an increase in the minimum required fee-generating assets under management to $271.0 billion, up from $175.0 billion, and the transition from LIBOR to SOFR as the reference rate. These adjustments reflect evolving market standards and a higher threshold for asset management, indicating continued growth expectations and operational adjustments within Blackstone's financing structure. The credit facility remains unsecured and includes customary covenants such as a maximum net leverage ratio.
Key Highlights
- 1Blackstone Inc. amended and restated its $4.135 billion revolving credit facility.
- 2The maturity date of the credit facility has been extended from November 24, 2025, to June 3, 2027.
- 3The minimum required fee-generating assets under management has increased from $175.0 billion to $271.0 billion.
- 4The facility has transitioned from using LIBOR to SOFR as the applicable reference rate.
- 5The credit facility is unsecured and includes standard financial covenants like a maximum net leverage ratio.
- 6The amendment and restatement reflect an adaptation to market standards and potentially higher growth targets for Blackstone's asset management business.