Largest Blackstone BDC hikes share repurchase limit to 7% as investors cash out [Yahoo! Finance]
Blackstone Inc. (BX)
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Source: Yahoo! Finance
Blackstone 's largest non-traded business development company announced it would hike its redemption limit and inject cash into a feeder fund to meet elevated requests to redeem shares. Blackstone Private Credit Fund (BCRED), the market's largest BDC by AUM, raised its tender offer to 7% of shares, from 5%, according to a March 2 tender offer statement filed with the SEC. Blackstone said that its offer to repurchase 7% of outstanding shares was the maximum amount permitted without changing the terms of the repurchase offer. To meet 100% of requests, Blackstone and its employees injected $400 million of new investments into BCRED via an existing feeder fund, which it said represents roughly 0.9% of shares outstanding. “This approach was driven by the tender offer structure, not by any constraints on BCRED's liquidity,” Blackstone said in the disclosure. The fund noted that it had $8 billion of available liquidity as of Dec. 31, on top of $2 billion of new subscriptions in Q1.
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