Blackstone BDC Declares NAV Per Share, Prices Notes Offering
Blackstone Private Credit Fund, a non-traded business development company sponsored by private equity giant Blackstone (NYSE: BX), has declared its monthly net asset value per share for February 28, 2022.
Blackstone Private Credit Fund, a non-traded business development company sponsored by private equity giant Blackstone (NYSE: BX), has declared its monthly net asset value per share for February 28, 2022.
Class I, Class S, and Class D shares had an NAV per share of $25.80 as of February 28, 2022, compared to $25.93 the previous month. Shares were originally priced at $25.00 each.
As of February 28, 2022, the fund’s aggregate NAV was $16.1 billion, the fair value of its investment portfolio was $35.8 billion, and it had $17.9 billion of debt outstanding (at principal). The average debt-to-equity leverage ratio during February 2022 was approximately 1.11 times.
This compares to the previous month when the fund’s aggregate NAV was $14.4 billion, the fair value of its investment portfolio was $32.6 billion, and it had $18.2 billion of debt outstanding (at principal). The average debt-to-equity leverage ratio during January 2022 was approximately 1.24 times.
Last week, Blackstone Private Credit Fund priced an offering of $900 million of its 4.700 percent notes due 2025 in a private placement for institutional investors. The notes will mature on March 24, 2025 and the net proceeds will be used to repay debt, make investments in portfolio companies, and for general corporate purposes.
Blackstone Private Credit Fund is the industry’s first perpetual-life BDC and broke escrow on January 7, 2021. The fund is part of Blackstone Credit’s direct lending platform, which provides privately originated, senior secured, floating rate loans to U.S. and European middle market companies. Since inception, the BDC has raised $17.6 billion in its private and public offerings, as of March 23, 2022.
As of February 28, 2022, the fund had $24.4 billion in committed debt capacity, with 78 percent in secured floating rate leverage and 22 percent in unsecured fixed rate leverage based on drawn amounts. Its leverage sources are in the form of a corporate revolver (3 percent), asset-based credit facilities (51 percent), unsecured bonds (32 percent), secured short term indebtedness (4 percent) and collateralized loan obligation notes (10 percent) based on drawn amounts.
