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 onJune 30, 2030. We will pay interest on the Notes on June 30 and December 30 of each year, beginning on June 30, 2025. We may redeem theNotes in whole or in part at any time or from time to time at the redemption price discussed under the caption “Description of Notes — OptionalRedemption” in this prospectus supplement. In addition, holders of the Notes can require us to repurchase the Notes at 100% of their principalamount upon the occurrence of a Change of Control Repurchase Event (as defined herein). The Notes will be issued in minimum denominationsof $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 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 its affiliates in the credit, asset-based finance and insurance asset management business unit of BlackstoneInc. (“Blackstone”), “Blackstone Credit & Insurance” or “BXCI”). Additionally, Blackstone Private Credit Strategies LLC, in its capacity as theadministrator to the Company (in such capacity, the “Administrator” and, together with the Sub-Administrator, the “Administrators”), and theSub-Administrator provide certain administrative and other services necessary for the Company to operate pursuant to an administrationagreement between the Administrator and the Company (the “Administration Agreement”) and a sub-administration agreement between theAdministrator and the Sub-Administrator (the Sub-Administration Agreement, and together with the Administration Agreement, the“Administration Agreements”), respectively. 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 Advisers’ investment teams’ 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” sectionbeginning on page S-11 of this prospectus supplement and page 29 of the accompanying prospectus and the mattersdiscussed in the documents incorporated or deemed to be incorporated by reference in this prospectus supplement andthe accompanying prospectus. This prospectus supplement and the accompanying prospectus contain important information you should know before investing in the Notes. Youshould carefully read this prospectus supplement, the accompanying prospectus, and any information incorporated by reference into each, beforeinvesting in the Notes and keep them for future reference. We file annual, quarterly and current reports, proxy statements and other informationabout us with the Securities and Exchange Commission (the “SEC”). You may obtain this information by written or oral request and free ofcharge by contacting us at 345 Park Avenue, 31st Floor, New York, NY 10154, calling us at (212) 503-2100 or visiting our website atwww.bxs