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Published on 11/4/2021 in the Prospect News CLO Daily.

New Issue: Blackstone Private Credit Fund prices $603.6 million BCRED BSL CLO 2021-2

Chicago, Nov. 4 – Blackstone Private Credit Fund sold $603.6 million in a collateralized loan obligation issued by BCRED BSL CLO 2021-2, Ltd./BCRED BSL CLO 2021-2, LLC, according to multiple releases.

The notes will mature on Oct. 20, 2034.

The CLO consists of $218 million of class A-L senior secured floating-rate loans at Libor plus 122 basis points, $149.5 million of class A senior secured floating-rate notes at Libor plus 122 bps, $38.1 million of class B senior secured floating-rate notes at Libor plus 175 bps, $48 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 205 bps, $52.2 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 315 bps and $97.8 million of subordinated notes.

Blackstone Private Credit Fund will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.

The CLO is backed by broadly syndicated senior secured corporate loans, primarily.

The notes can be called starting Oct. 20, 2023.

Morgan Stanley & Co. LLC was the placement agent.

The investment and advisory firm based in New York.

Issuer:BCRED BSL CLO 2021-2, Ltd./BCRED BSL CLO 2021-2, LLC
Issue:Floating-rate loans, floating-rate notes and subordinated notes
Amount:$603.6 million
Maturity:Oct. 20, 2034
Structure:Cash flow CLO
Placement agent:Morgan Stanley & Co. LLC
Manager:Blackstone Private Credit Fund
Call feature:Oct. 20, 2023
Settlement date:Nov. 1
Class A-L loans
Amount:$218 million
Securities:Senior secured floating-rate loans
Coupon:Libor plus 122 bps
Rating:Moody's: Aaa
Class A notes
Amount:$149.5 million
Securities:Senior secured floating-rate notes
Coupon:Libor plus 122 bps
Rating:Moody's: Aaa
Class B notes
Amount:$38.1 million
Securities:Senior secured floating-rate notes
Coupon:Libor plus 175 bps
Rating:Moody's: Aa2
Class C notes
Amount:$48 million
Securities:Mezzanine secured deferrable floating-rate notes
Coupon:Libor plus 205 bps
Rating:Kroll: A
Class D notes
Amount:$52.2 million
Securities:Mezzanine secured deferrable floating-rate notes
Coupon:Libor plus 315 bps
Rating:Kroll: BBB-
Subordinated notes
Amount:$97.8 million
Securities:Subordinated notes

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