Blackstone Private Credit Fund
4.700% Notes due 2025
This Security is one of a duly authorized issue of Senior Securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of September 15, 2021 (herein called the “Base Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and U.S. Bank Trust Company, National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), and reference is hereby made to the Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered, as amended and supplemented by the First Supplemental Indenture, dated as of September 15, 2021, by and between the Company and the Trustee (herein called the “First Supplemental Indenture”), the Second Supplemental Indenture, dated as of September 15, 2021, by and between the Company and the Trustee (herein called the “Second Supplemental Indenture”), the Third Supplemental Indenture, dated as of November 2, 2021, by and between the Company and the Trustee (herein called the “Third Supplemental Indenture”), the Fourth Supplemental Indenture, dated as of November 22, 2021, by and between the Company and the Trustee (herein called the “Fourth Supplemental Indenture”), the Fifth Supplemental Indenture, dated as of November 22, 2021, by and between the Company and the Trustee (herein called the “Fifth Supplemental Indenture”), the Sixth Supplemental Indenture, dated as of January 18, 2022, by and between the Company and the Trustee (herein called the “Sixth Supplemental Indenture”), the Seventh Supplemental Indenture, dated as of January 18, 2022, by and between the Company and the Trustee (herein called the “Seventh Supplemental Indenture”), and the Eighth Supplemental Indenture, dated as of March 24, 2022, by and between the Company and the Trustee (herein called the “Eighth Supplemental Indenture”, and the First Supplemental Indenture, Second Supplemental Indenture, Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture, and the Base Indenture collectively are herein called the “Indenture”). In the event of any conflict between the Base Indenture and the Eighth Supplemental Indenture, the Eighth Supplemental Indenture shall govern and control.
This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to $ . Under a Board Resolution, Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Securities, issue additional Securities of this series (in any such case “Additional Securities”) having the same ranking and the same interest rate, maturity and other terms as the Securities, provided that, if such Additional Securities are not fungible with the Securities (or any other tranche of Additional Securities) for U.S. federal income tax purposes, then such Additional Securities will have different CUSIP numbers from the Securities represented hereby (and any such other tranche of Additional Securities). Any Additional Securities and the existing Securities will constitute a single series under the Indenture and all references to the relevant Securities herein shall include the Additional Securities unless the context otherwise requires. The aggregate amount of outstanding Securities represented hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.
The Securities of this series are subject to redemption in whole or in part at any time or from time to time, at the option of the Company, at a Redemption Price (expressed as a percentage of principal amount and rounded to three decimal points) equal to the greater of:
(A) (1) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 40 basis points less (2) interest accrued to the date of redemption, and
(B) 100% of the principal amount of the Notes to be redeemed,
plus, in either case, accrued and unpaid interest, if any, to, but excluding, the Redemption Date.
“Treasury Rate” means, with respect to any Redemption Date of the Notes, the yield determined by the Company in accordance with the following two paragraphs.