Blackstone enters restated $4.33 billion revolver due 2028

By Marisa Wong

Los Angeles, Dec. 20 – Blackstone Holdings Finance Co. LLC as borrower entered into an amended and restated $4.325 billion unsecured revolving credit facility on Dec. 15 with Citibank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

Blackstone Holdings AI LP, Blackstone Holdings I LP, Blackstone Holdings II LP, Blackstone Holdings III LP and Blackstone Holdings IV LP are the guarantors. The borrower and the guarantors are indirect subsidiaries of Blackstone Inc.

The new credit facility amends and restates the existing revolving credit facility entered into on March 23, 2010 to extend the maturity date of the revolver to Dec. 15, 2028 from June 3, 2027.

The amendment also increases the aggregate required minimum amount of fee-generating assets under management to $294 billion from $271 billion.

In addition, the amendment replaces CDOR with Corra as the applicable reference rate with respect to term benchmark loans denominated in Canadian dollars.

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.

Citibank, Barclays Bank plc, BofA Securities, Inc., JPMorgan Chase Bank, NA and Wells Fargo Securities, LLC are the joint lead arrangers, and Bank of America, NA is the syndication agent.

Blackstone is a New York-based investment firm.

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