# EDGAR Filing Document

**Accession Number:** 0001803498
**File Stem:** 0001213900-25-120678
**Filing Date:** 2025-12
**Character Count:** 7875
**Document Hash:** ba2845e6a101a456097307f7e1641b33
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-120678.hdr.sgml**: 20251211

**ACCESSION NUMBER**: 0001213900-25-120678

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251211

**DATE AS OF CHANGE**: 20251211

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blackstone Private Credit Fund
- **CENTRAL INDEX KEY:** 0001803498

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-284601
- **FILM NUMBER:** 251565117

**BUSINESS ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 31ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154
- **BUSINESS PHONE:** 212-503-2100

**MAIL ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 31ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blackstone Private Credit Fund
- **CENTRAL INDEX KEY:** 0001803498

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 31ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154
- **BUSINESS PHONE:** 212-503-2100

**MAIL ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 31ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154

#### Filed Pursuant to Rule 433

#### Issuer Free Writing Prospectus dated December 11, 2025

#### Relating to Preliminary Prospectus Supplement dated December 11, 2025 and

#### Prospectus dated January 30, 2025

#### Registration No. 333-284601

#### Blackstone Private Credit Fund

#### $400,000,000 5.950% Notes due 2029

#### PRICING TERM SHEET

#### December 11, 2025
*The following sets forth the final terms of the 5.950% Notes due 2029 (the "Notes") and should only be read together with the preliminary prospectus supplement, dated December 11, 2025 (the "Preliminary Prospectus Supplement") related to the Notes, and supersedes the information in the Preliminary Prospectus Supplement to the extent inconsistent with the information in the Preliminary Prospectus Supplement. In all other respects, this pricing term sheet is qualified in its entirety by reference to the Preliminary Prospectus Supplement. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Prospectus Supplement. All references to dollar amounts are references to U.S. dollars.*

*On May 29, 2024, Blackstone Private Credit Fund issued $500,000,000 in aggregate principal amount of its 5.950% Notes due 2029 (the "Existing Notes") pursuant to an indenture, dated as of September 15, 2021 (the "Base Indenture"), as supplemented by the Thirteenth Supplemental Indenture, dated as of May 29, 2024 (the "Thirteenth Supplemental Indenture" and, together with the Base Indenture, the "Indenture") between Blackstone Private Credit Fund and U.S. Bank National Association, as trustee. The securities offered hereby (the "New Notes") are being issued as "Additional Notes" under the Indenture. The Existing Notes and the New Notes are collectively referred to in this Pricing Term Sheet as the "Notes."*

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| | |
|:---|:---|
|  Issuer:<br> Security Title:<br> Expected Ratings\*: | Blackstone Private Credit Fund<br> 5.950% Notes due 2029<br> Baa2 (stable) (Moody's) / BBB- (positive) (S&P) / BBBH (stable) (DBRS) |
|  Aggregate Principal Amount of New Notes Offered: | $400000000 |
|  Aggregate Principal Amount Outstanding After this Offering: | $900000000 |
|  Maturity Date: | July 16, 2029 |
|  Trade Date:<br> Settlement Date:<br> Interest Payment Dates: | December 11, 2025<br> December 16, 2025 (T+3)\*\*<br> January 16 and July 16, commencing January 16, 2026 |
|  Aggregate Accrued Interest: | The accrued and unpaid interest from July 16, 2025 (the most recent interest payment date as of the date hereof) up to, but not including, the Settlement Date is $9,916,666.67. |
|  Coupon (Interest Rate): | 5.950% |

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| | |
|:---|:---|
|  Price to Public: | The underwriter will offer the New Notes for sale from time to time, in one or more negotiated transactions, at varying prices plus accrued and unpaid interest from and including the most recent interest payment date up to, but not including, the date of delivery. |
|  Optional Redemption: | Prior to June 16, 2029 (the date falling one month prior to the maturity date of the Notes) (the "Par Call Date"), we may redeem some or all of the Notes at any time, or from time to time, at a redemption price equal to the greater of:<br> - 100% of the principal amount of the Notes to be redeemed, or<br> - the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the redemption date) on the Notes to be redeemed through the Par Call Date, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate (as defined in the Preliminary Prospectus Supplement) plus 30 basis points,<br> plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date.<br> On or after the Par Call Date, we may redeem some or all of the Notes at any time, or from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date. |
|  Denomination: | $2,000 and integral multiples of $1,000 in excess thereof |
|  CUSIP / ISIN: | 09261HBN6 / US09261HBN61 |
|  Sole Book-Running Manager: | RBC Capital Markets, LLC |

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Note: \*A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

Note: \*\*Blackstone Private Credit Fund expects that delivery of the Notes will be made to investors on or about December 16, 2025, which will be the third business day following the date hereof. Under Rule 15c6-1 under the Exchange Act, trades in the secondary market are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes prior to the business day before the delivery of the Notes will be required, by virtue of the fact that the Notes initially settle in T+3, to specify an alternative arrangement at the time of any such trade to prevent a failed settlement and should consult their own advisors.

**Investors are advised to carefully consider the investment objectives, risks, charges and expenses of Blackstone Private Credit Fund before investing. The Preliminary Prospectus Supplement contains this and other information about Blackstone Private Credit Fund and should be read carefully before investing.**

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**The Preliminary Prospectus Supplement and this pricing term sheet are not offers to sell any securities of Blackstone Private Credit Fund and are not soliciting an offer to buy such securities in any state or jurisdiction where such offer and sale is not permitted. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Blackstone Private Credit Fund or RBC Capital Markets, LLC will arrange to send you the Preliminary Prospectus Supplement if you request it from RBC Capital Markets, LLC toll**-free **at +1 (866) 375**-6829**.**

**Any disclaimers or notices that may appear on this term sheet below the text of this legend are not applicable to this term sheet and should be disregarded. Such disclaimers may have been electronically generated as a result of this term sheet having been sent via, or posted on, Bloomberg or another electronic mail system.**

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