Blackstone Secured Lending Fund Enters into Amendments for Revolving Credit Agreements with Subsidiaries

On December 18, 2024, Blackstone Secured Lending Fund (NYSE:BXSL) announced key amendments signed by its subsidiaries. BGSL Breckenridge Funding LLC, a wholly-owned subsidiary, entered into the Tenth Amendment to the Revolving Credit and Security Agreement. This agreement, dated December 21, 2018, includes Breckenridge Funding as the borrower, Blackstone Secured Lending Fund as equityholder and servicer, with BNP Paribas as the administrative agent, and Wells Fargo Bank, National Association as the collateral agent, alongside other lenders.

The Tenth Amendment outlines several significant changes, including an increase in the maximum facility amount under the Breckenridge Revolving Credit Agreement to $1,175 million. Additionally, it modifies the margin applicable to all advances to 1.90% per annum until June 17, 2027, and 2.40% per annum thereafter. The extension of the borrowing period and the scheduled maturity date under the agreement were extended to June 18, 2027, and June 18, 2029, respectively. Moreover, certain fees will be paid as agreed between Breckenridge Funding and the lenders.

Similarly, on December 19, 2024, the Company and BGSL Jackson Hole Funding LLC, another wholly-owned subsidiary, signed the Fourth Amendment to the Amended and Restated Loan and Security Agreement. This agreement, dated December 16, 2021, features Jackson Hole Funding as the borrower, with the Company as portfolio manager, and JPMorgan Chase Bank, National Association acting as the administrative agent, among others.

The Fourth Amendment primarily reduces the margin applicable to all advances to 1.95% per annum and includes agreements on fees between Jackson Hole Funding and the lenders. These amendments play a crucial role in the financial structure of Blackstone Secured Lending Fund and its subsidiaries.

Please note that the descriptions provided are summaries of the material provisions of the Tenth Amendment and the Fourth Amendment. Detailed information can be found in the full copies of these amendments, which are filed as Exhibits 10.1 and 10.2, respectively, to the Current Report on Form 8-K submitted to the United States Securities and Exchange Commission.

Additionally, the information regarding the agreements specified in Item 1.01 is also incorporated by reference into Item 2.03 of the same Current Report on Form 8-K. The filing includes relevant financial statements and exhibits, which can be publicly accessed for more in-depth insights into these transactions.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Blackstone Secured Lending Fund’s 8K filing here.

Blackstone Secured Lending Fund Company Profile

Blackstone Secured Lending Fund is business development company and a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified closed-end investment Fund. On October 26, 2018, the fund elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940, as amended (the 1940 Act).