Business development company Blackstone Private Credit Fund or BCRED, today completed a $1.15 billion, two-part offering across 2025 and 2029 notes.

The issuer last tapped the market in November 2021, when it placed a $1.5 billion, two-part offering across 2.35% notes due November 2024 at T+150 and 3.25% notes due March 2027 at T+205.

Last September, it completed a $900 million offering of 2.625% notes due Dec. 15, 2026, at T+195, or 2.768%. Subsequently, in October, the company added $350 million to the existing 2026 issue at a tighter spread of T+185.8 and a higher yield of 2.875%.

The initial tranche of the 2026 notes was issued alongside $365 million of 1.75% notes due Sept. 15, 2024, at T+140. The offering represented BCRED's debut placement on the U.S. bond markets.

BCRED is externally managed by Blackstone Credit BDC Advisors LLC, a subsidiary of Blackstone Inc.

Last week, S&P Global Ratings assigned a first-time BBB- rating and stable outlook to the issuer, noting "the broader capabilities of the Blackstone Credit platform, its diversified funding mix, experienced management team, and expected leverage of 1.0x-1.25x, offset by its rapid growth, short operating track record, and some large single obligor exposures."

In September 2021, Moody's assigned first-time Baa3 ratings to BCRED, which commenced operations in January 2021.

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