Blackstone Inc.’s main private credit fund stormed the investment-grade bond market to raise a combined $1.5 billion in a single day, adding to the rush of direct lenders trying to lock in cheaper financing costs.
The fund, known as BCRED, sold $1 billion of senior unsecured bonds on Wednesday, alongside a $500.5 million collateralized loan obligation backed by its own loans. The issuance marked BCRED’s first 10-year bond sale and was only the second such tenor ever issued by a business development company, after Ares Capital Corp.’s $700 million deal in 2021, according to a person with ...
