Blackstone Secured Lending Fund美股招股说明书(2024-12-13版)

BLACKSTONE SECURED LENDING FUND5.350% Notes due 2028 We are offering $300,000,000 in aggregate principal amount of 5.350% notes due 2028, which we refer to as the Notes. The Notes will mature onApril 13, 2028. We will pay interest on the Notes on April 13 and October 13 of each year, beginning on April 13, 2025. The Notes offeredhereby are a further issuance of the 5.350% Notes due 2028 that we issued on October 15, 2024 in the aggregate principal amount of$400,000,000 (the “Existing April 2028 Notes”). The Notes offered hereby will be treated as a single series with the Existing April 2028 Notes under the indenture governing the Existing April2028 Notes and will have the same terms as the Existing April 2028 Notes (except the issue date and offering price). The Notes offered herebywill have the same CUSIP number and will be fungible and rank equally with the Existing April 2028 Notes. Upon the issuance of the Notesoffered hereby, the outstanding aggregate principal amount of our 5.350% Notes due 2028 will be $700,000,000. Unless the context otherwiserequires, references herein to the “Notes” include the Notes offered hereby and the Existing April 2028 Notes. We may redeem the Notes in whole or in part at any time or from time to time at the redemption price discussed under the caption “Descriptionof Notes — Optional Redemption” in this prospectus supplement. In addition, holders of the Notes can require us to repurchase the Notes at 100%of their principal amount upon the occurrence of a Change of Control Repurchase Event (as defined herein). The Notes will be issued inminimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. The Notes will be our direct, general unsecured obligations and rank pari passu, or equal, with all existing and future unsecured unsubordinatedindebtedness issued by us, but will rank senior to our future indebtedness that is expressly subordinated in right of payment to the Notes. We are aspecialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Weseek to generate current income primarily through direct originations of senior secured loans and, to a lesser extent, originations of mezzanineand unsecured loans and investments in corporate bonds and equity securities. Blackstone Secured Lending Fund (together with its consolidated subsidiaries, the “Company”) is a Delaware statutory trust formed on March 26,2018 and is structured as an externally managed, non-diversified, closed-end management investment company. The Company has elected to beregulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with the rules andregulations promulgated thereunder, the “1940 Act”). In addition, the Company has elected to be treated for U.S. federal income tax purposes,and intends to qualify annually, as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended(together with the rules and regulations promulgated thereunder, the “Code”). We are externally managed by Blackstone Credit BDC Advisors LLC (the “Adviser”), an affiliate of Blackstone Alternative Credit Advisors LP(the “Administrator” and, collectively with its affiliates in the credit, asset-based finance and insurance asset management business unit ofBlackstone Inc. (“Blackstone”), “Blackstone Credit & Insurance,” or “BXCI”). The Administrator provides certain administrative and otherservices necessary for the Company to operate pursuant to an administration agreement (the “Administration Agreement”). References herein toinformation about Blackstone Credit & Insurance from December 31, 2023 or prior refers solely to the Adviser and Blackstone Alternative CreditAdvisors LP, collectively with their credit-focused affiliates within Blackstone Credit & Insurance. Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We believe that Blackstone’sinvestment platform provides us with a competitive advantage in selecting investments, and to achieve our investment objectives, we willleverage the Adviser’s investment team’s and Blackstone’s extensive network of relationships with other sophisticated institutions to source,evaluate and, as appropriate, partner with on transactions. There are no assurances that we will achieve our investment objectives. Investing in the Notes involves risks, including the risk of leverage, that are described in the “Risk Factors” section beginning on page S-11 of this prospectus supplement and page 29 of the accompanying prospectus and the matters discussed in the documents incorporatedor deemed to be incorporated by reference in this prospectus supplement and the accompanying prospectus. This prospectus supplement and the accompanying prospectus contain important information you should know before investing in the Notes. Youshould carefully read this pros