Item 1.01 Entry into a Material Definitive Agreement.
On December 15, 2023, Blackstone Holdings Finance Co. L.L.C., as borrower (the “Borrower”), and Blackstone Holdings AI L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P., as guarantors (collectively, the “Guarantors”), entered into an amended and restated $4.325 billion revolving credit facility (the “New Credit Facility”) with Citibank, N.A., as administrative agent, and the lenders party thereto.
The New Credit Facility amends and restates the existing revolving credit facility entered into on March 23, 2010 and as most recently amended and restated on June 3, 2022 (the “Existing Credit Facility”). The Borrower and the Guarantors are indirect subsidiaries of Blackstone Inc.
The New Credit Facility, among other things, (1) extends the maturity date of the revolving credit facility from June 3, 2027 to December 15, 2028, (2) increases the aggregate required minimum amount of fee generating assets under management from $271.0 billion to $294.0 billion and (3) replaces the Canadian Dealer Offered Rate (CDOR) as the applicable reference rate with respect to term benchmark loans denominated in Canadian Dollars to the Canadian Overnight Repo Rate Average (CORRA), and otherwise conforms the credit facility to accommodate CORRA as the reference rate for term benchmark loans denominated in Canadian Dollars.
The New Credit Facility contains customary representations, covenants and events of default applicable to the Borrower, the Guarantors and certain of their subsidiaries, which are (other than as described above) substantially similar to those under the Existing Credit Facility. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee generating assets under management, each tested quarterly. The New Credit Facility is unsecured.
The preceding is a summary of the terms of the New Credit Facility and is qualified in its entirety by reference to the Amended and Restated Credit Agreement dated as of December 15, 2023, among the Borrower, the Guarantors, Citibank, N.A., as administrative agent and the lenders party thereto, a copy of which is attached as Exhibit 10.1 to this report, which is incorporated herein by reference as though it was fully set forth herein.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No. | | Description |
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| 10.1 | | Amended and Restated Credit Agreement, dated as of December 15, 2023, among Blackstone Holdings Finance Co. L.L.C., as borrower, Blackstone Holdings AI L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P., as guarantors, Citibank, N.A., as administrative agent, and the lenders party thereto. |
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| 104 | | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
