Bonds
Blackstone Closes $1.1 Billion Two-Tranche Senior Notes Offering
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Blackstone announced on November 2, 2026 the completion of a $1.1 billion senior notes offering by Blackstone Reg Finance Co. L.L.C., its indirect finance subsidiary. Blackstone intends to use the net proceeds for general corporate purposes.
The financing comprised two SEC-registered series. Their principal terms are set out in the final prospectus supplement and the pricing term sheet:
| Notes | Principal amount | Coupon | Maturity | Reoffer yield |
|---|---|---|---|---|
| 2031 notes | $600 million | 5.650% | November 3, 2031 | 5.687% |
| 2033 notes | $500 million | 5.900% | November 3, 2033 | 5.908% |
The 2031 notes were priced to the public at 99.841% of principal and the 2033 notes at 99.954%, with each series carrying a 0.500% underwriting discount. Their respective pricing spreads were 85 and 100 basis points over the benchmark Treasuries. The prospectus supplement estimated net proceeds of approximately $1.093 billion after deducting underwriting discounts but before offering expenses.
Interest on both series accrues from November 2, 2026 and is payable semiannually in arrears on May 3 and November 3, beginning May 3, 2027. At pricing, the term sheet listed expected ratings of A+ with stable outlooks from both S&P and Fitch.
Blackstone initially announced the proposed offering on October 27, 2026, subject to market and other conditions. A current report filed that day confirmed that the underwritten public offering had been priced.
Guarantees and Creditor Ranking
Blackstone Inc. (BX ) and Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. fully and unconditionally guarantee both series on a joint-and-several basis. The guarantors are holding entities, and neither Blackstone’s fee-generating businesses nor its funds guarantee the notes. The issuer has no operations or assets other than in its finance-subsidiary capacity and depends on intercompany transfers from the guarantors to meet its note obligations.
The notes and guarantees are direct, unsecured and unsubordinated obligations of their respective obligors. They rank equally with those obligors’ existing and future unsecured and unsubordinated obligations and senior to their subordinated indebtedness. They are effectively subordinated to secured indebtedness to the extent of the value of the assets securing it, and structurally subordinated to the obligations of subsidiaries that are not themselves issuers or guarantors.
Redemption and Distribution Terms
Before October 3, 2031 for the 2031 notes and September 3, 2033 for the 2033 notes, the issuer may redeem either series, in whole or in part, at the greater of 100% of the principal being redeemed or the applicable make-whole redemption price, plus accrued and unpaid interest. On or after those dates, the redemption price is 100% of principal plus accrued and unpaid interest.
Following a defined change-of-control repurchase event, the issuer must offer to repurchase the notes at 101% of principal plus accrued and unpaid interest. That event requires a defined change of control, a related ratings downgrade and the notes being rated below investment grade by both S&P and Fitch.
Citigroup Global Markets, Goldman Sachs (GS ), Morgan Stanley (MS ), SMBC Nikko Securities America and Wells Fargo Securities served as joint book-running managers. Blackstone Securities Partners L.P., a Blackstone subsidiary and co-manager, was deemed to have a conflict of interest under FINRA Rule 5121. It could not sell the notes to a discretionary account without the account holder’s specific written approval, and the appointment of a qualified independent underwriter was not required.
The notes were issued in book-entry form through the Depository Trust Company in minimum denominations of $2,000 and integral multiples of $1,000 above that amount. No established trading market existed for either series, and Blackstone did not intend to list the notes on a securities exchange. The underwriters advised Blackstone that they intended to make a market in each series as permitted by law, but they were not obligated to do so and could discontinue market-making without notice.
