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Blackstone Secured Lending Fund (NYSE:BXSL), a $5.98 billion market cap business development company with a notable 11.85% dividend yield, announced Tuesday that it has completed the issuance of $500 million in aggregate principal amount of 5.125% notes due 2031. The transaction, disclosed in a press release statement and detailed in a filing with the Securities and Exchange Commission, closed Tuesday. According to InvestingPro data, BXSL has maintained a strong dividend track record, raising its payouts for four consecutive years.
According to the filing, the notes will mature on January 31, 2031. Interest will be paid semi-annually at a rate of 5.125% per year, with the first payment scheduled for January 31, 2026. The notes may be redeemed in whole or in part at the fund’s option at prices specified in the indenture agreement.
The notes are general unsecured obligations of Blackstone Secured Lending Fund and rank senior to any of the fund’s existing or future subordinated indebtedness. They are on equal footing with other unsecured obligations of the fund that are not subordinated, but are effectively junior to any secured debt and structurally junior to liabilities of the fund’s subsidiaries or financing vehicles.
The indenture includes covenants requiring the fund to comply with asset coverage requirements as set out in the Investment Company Act of 1940, as amended, and to provide financial information to noteholders and the trustee if the fund is no longer subject to public reporting requirements. These covenants are subject to limitations and exceptions described in the indenture.
If a “change of control repurchase event” occurs, as defined in the indenture, the fund will generally be required to offer to repurchase the notes at 100% of the principal amount plus accrued and unpaid interest.
The offering was made under an effective registration statement on Form N-2, with the preliminary prospectus supplement and pricing term sheet filed with the SEC on October 6. U.S. Bank Trust Company, National Association acted as trustee for the notes. The company currently trades at $26.43, near its 52-week low, potentially presenting an interesting opportunity for investors seeking exposure to the business development sector.
All information is based on a press release statement and the related SEC filing.
In other recent news, Blackstone Secured Lending Fund reported its financial results for the second quarter of 2025, which did not meet analysts’ expectations. The company posted earnings per share of $0.77, slightly below the projected $0.79, and reported revenue of $344.8 million, missing the anticipated $353.87 million. In addition, Blackstone Secured Lending Fund held its 2025 Annual Meeting of Shareholders, where three individuals were elected as Class I trustees to the Board of Trustees. Meanwhile, B.Riley initiated coverage on the company with a Buy rating and set a price target of $32.00, citing the company’s superior credit metrics compared to the business development company group average. UBS also started coverage on Blackstone Secured Lending Fund, giving it a Neutral rating with a $31.00 price target. UBS noted the firm’s strong credit quality and conservative strategy. These developments highlight recent significant activities surrounding Blackstone Secured Lending Fund.
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