Blackstone Completes $1.1B Senior Notes Offering Across 2031 and 2033 Tranches

Executive Summary

On November 2, 2026, Blackstone Inc. announced the closing of a $1.1 billion aggregate principal amount senior notes offering issued through its indirect subsidiary, Blackstone Reg Finance Co. L.L.C. The debt offering is split into two tranches maturing in 2031 and 2033, fully and unconditionally guaranteed by Blackstone Inc. and its core operating partnerships.

Key Offering Terms

• Tranche 1: $600,000,000 aggregate principal amount of 5.650% Senior Notes due November 3, 2031.
  • Purchase price to underwriters: 99.341% of principal.
  • Semi-annual interest payments commencing May 3, 2027.
• Tranche 2: $500,000,000 aggregate principal amount of 5.900% Senior Notes due November 3, 2033.
  • Purchase price to underwriters: 99.454% of principal.
  • Semi-annual interest payments commencing May 3, 2027.
• Ranking & Guarantee: Unsecured and unsubordinated obligations of the Issuer, guaranteed jointly and severally on an unsecured and unsubordinated basis by Blackstone Inc. and Blackstone Holdings I–IV L.P. and Blackstone Holdings AI L.P.

Redemption & Covenants

• Make-Whole Call: Available prior to October 3, 2031 for the 2031 Notes (one month before maturity) and prior to September 3, 2033 for the 2033 Notes (two months before maturity).
• Par Call: Redeemable at 100% of principal plus accrued interest within one month (2031 notes) and two months (2033 notes) of maturity.
• Change of Control: Repurchase option at 101% of principal upon a Change of Control Repurchase Event.

Market & Capital Structure Impact

This issuance bolsters Blackstone's liquidity and locks in medium-to-long term fixed-rate financing at yields between 5.65% and 5.90%. The transaction reflects standard corporate capital management to support fund operations and general corporate purposes without diluting equity holders.