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Published on 10/2/2017 in the Prospect News Investment Grade Daily and Prospect News Liability Management Daily.

Blackstone gets tenders for $259.68 million of 6.625% notes due 2019

By Angela McDaniels

Tacoma, Wash., Oct. 2 – Blackstone Holdings Finance Co. LLC received tenders for $259,682,000 principal amount of its $600 million 6.625% senior notes due 2019, according to a news release from Blackstone Group LP.

The total amount tendered includes $31,000 principal amount of notes tendered under guaranteed delivery procedures.

The company has accepted for purchase all notes tendered by the expiration date.

The tender offer began Sept. 25 and ended at 5 p.m. ET on Sept. 29.

The company will pay $1,085.15 per $1,000 principal amount of notes plus accrued interest up to but excluding the settlement date, which was expected to be Oct. 2.

Pricing was set at 11 a.m. ET on Sept. 29 using a spread of 50 basis points over the 1.25% Treasury due Aug. 31, 2019.

The tender offer was subject to conditions including the execution of a debt financing transaction.

Blackstone plans to redeem any notes not purchased in the offer via a make-whole call.

BofA Merrill Lynch (888 292-0070 or 980 387-3907), Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) and Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) acted as lead dealer managers. Global Bondholder Services Corp. (212 430-3774 or 866 470-3700) was the depositary and information agent.

Blackstone is a New York-based investment manager.


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