Blackstone Secured Lending Fund美股招股说明书(2025-03-03版)

BLACKSTONE SECURED LENDING FUND5.300% Notes due 2030 We are offering $500,000,000 in aggregate principal amount of 5.300% notes due 2030, which we refer to as the Notes. The Notes will mature on June30, 2030.We will pay interest on the Notes on June30 and December30 of each year, beginning on June30, 2025. We may redeem the Notes in whole or in part at any time orfrom time to time at the redemption price discussed under the caption “Description of 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 definedherein). The Notes will be issued in minimum 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 unsubordinated indebtednessissued by us, but will rank senior to our future indebtedness that is expressly subordinated in right of payment to the Notes. We are a specialty finance company that haselected to be regulated as a business development company under the Investment Company Act of 1940. We seek to generate current income primarily through directoriginations of senior secured loans and, to a lesser extent, originations of mezzanine and 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 March26, 2018 and isstructured as an externally managed,non-diversified,closed-endmanagement investment company. The Company has elected to be regulated as a business developmentcompany (“BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). Inaddition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company underSubchapter 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 Private Credit Strategies LLC (the “Adviser”) and Blackstone Credit BDC Advisors LLC (the“Sub-Adviser”and,together with the Adviser, the “Advisers”). The Advisers are affiliates of Blackstone Alternative Credit Advisors LP (the“Sub-Administrator”and, collectively with itsaffiliates in the credit, asset-based finance and insurance asset management business unit of Blackstone Inc. (“Blackstone”), “Blackstone Credit& Insurance” or“BXCI”). Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company (in such capacity, the “Administrator” and,together with theSub-Administrator,the “Administrators”), and theSub-Administratorprovide certain administrative and other services necessary for the Company tooperate pursuant to an administration agreement between the Administrator and the Company (the “Administration Agreement”) and asub-administrationagreementbetween the Administrator and theSub-Administrator(theSub-AdministrationAgreement, and together with the Administration Agreement, the “AdministrationAgreements”), respectively. Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We believe that Blackstone’s investment platformprovides us with a competitive advantage in selecting investments, and to achieve our investment objectives, we will leverage the Advisers’ investment teams’ andBlackstone’s extensive network of relationships with other sophisticated institutions to source, evaluate and, as appropriate, partner with on transactions. There are noassurances that we will achieve our investment objectives. Investing in the Notes involves risks, including the risk of leverage, that are described in the “RiskFactors” section beginning on pageS-11of this prospectus supplement and page 29 of the accompanying prospectus and the matters discussed in the documents incorporated ordeemed 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. You shouldcarefully read this prospectus supplement, the accompanying prospectus, and any information incorporated by reference into each, before investing in the Notes andkeep them for future reference. We file annual, quarterly and current reports, proxy statements and other information about us with the Securities and ExchangeCommission (the “SEC”). You may obtain this information by written or oral request and free of charge by contacting us at 345 Park Avenue, 31st Floor, New York, NY10154, calling us at (212)503-2100or visiting our website at www.bxsl.com. The SEC also mai