Blackstone unit gets $500 million revolver with $300 million accordion

By Wendy Van Sickle

Columbus, Ohio, Feb. 2 – Blackstone Private Credit fund subsidiary BCRED Maroon Peak Funding LLC entered into a $500 million revolving credit facility with a $300 million accordion with Morgan Stanley Senior Funding, Inc. as administrative agent on Jan. 28, according to an 8-K filing with the Securities and Exchange Commission.

Advances under the facility to finance the purchase or origination of broadly syndicated loans bear interest at Libor plus 130 basis points for one year, after which the margin will increase to 200 bps.

Proceeds from the facility may be used to fund portfolio investments by Maroon Peak and make advances under revolving loans or delayed draw term loans for which Maroon Peak is a lender. All amounts outstanding under the facility must be repaid by two years after closing, unless the parties have agreed to an extension.

The facility is secured by a first-priority security interest in all of Maroon Peak’s portfolio investments and cash.

U.S. Bank NA is the collateral agent, collateral administrator and custodian on the facility.

The investment and advisory firm based in New York.

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