# EDGAR Filing Document

**Accession Number:** 0001803498
**File Stem:** 0001193125-23-062255
**Filing Date:** 2023-3
**Character Count:** 11578
**Document Hash:** e814fc89a653532d5e5688e1a076859e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-062255.hdr.sgml**: 20230307

**ACCESSION NUMBER**: 0001193125-23-062255

**CONFORMED SUBMISSION TYPE**: SC TO-I/A

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20230307

**DATE AS OF CHANGE**: 20230307

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blackstone Private Credit Fund
- **CENTRAL INDEX KEY:** 0001803498
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91801
- **FILM NUMBER:** 23711167

**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
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A

**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

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

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**SCHEDULE TO** 

**(Rule 13e-4)** 

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**TENDER OFFER STATEMENT PURSUANT TO SECTION 14(D)(1) OR 13(E)(1)** 

**OF THE SECURITIES EXCHANGE ACT OF 1934** 

**(Amendment No. 1)** 

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## Blackstone Private Credit Fund
**(Name of Issuer)** 

**Blackstone Private Credit Fund** 

**(Name of Person(s) Filing Statement)** 

**Class I, Class D and Class S Shares of Beneficial Interest** 

**(Title of Class of Securities)** 

**09261H 305, 09261H206 and 09261H 107** 

**(CUSIP Number of class of securities)** 

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**Marisa J. Beeney** 

**c/o Blackstone Credit BDC Advisors LLC** 

**345 Park Avenue, 31st Floor** 

**New York, New York 10154** 

**(212) 503-5100** 

**(Name, Address and Telephone No. of Person Authorized to Receive Notices and Communications on Behalf of the Person(s) Filing Statement)** 

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***With a copy to:***

**Rajib Chanda** 

**Benjamin C. Wells** 

**Simpson Thacher & Bartlett LLP** 

**900 G Street, N.W.** 

**Washington, DC 20001** 

**January 31, 2023** 

**(Date Tender Offer First Published, Sent or Given to Security Holders)** 

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☐ Check the box if the filing relates solely to preliminary communications made before commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

☐ third-party tender offer subject to Rule 14d-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ issuer tender offer subject to Rule 13e-4.

☐ going-private transaction subject to Rule 13e-3.

☐ amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐

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This Amendment No. 1 amends and supplements the Issuer Tender Offer Statement on Schedule TO (the "Statement") originally filed on January 31, 2023 by Blackstone Private Credit Fund (the "Fund") in connection with an offer by the Fund (the "Offer") to purchase up to 46,128,729 of its outstanding shares of beneficial interest (including Class I common shares of beneficial interest, Class D common shares of beneficial interest and Class S common shares of beneficial interest, collectively, the "Shares") at a price equal to the net asset value per Share as of March 31, 2023, upon the terms and subject to the conditions set forth in the Offer to Purchase filed as Exhibit (a)(1)(ii) to the Statement (the "Offer to Purchase").

This Amendment to the Statement is being filed pursuant to Rule 13e-4(c)(1) of the Securities Exchange Act of 1934, as amended, to file a written communication relating to the Offer. Item 12 of the Statement is hereby amended and supplemented by adding the following exhibit:

(a)(1)(vii) Q1 Distribution and Tender Offer Update

Except as specifically provided herein, the information contained in the Statement, as amended, and the Transmittal Letter remains unchanged and this Amendment does not modify any of the information previously reported on the Statement, as amended, or the Transmittal Letter.

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**SIGNATURE** 

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| BLACKSTONE PRIVATE CREDIT FUND | BLACKSTONE PRIVATE CREDIT FUND |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Marisa J. Beeney |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: | Marisa J. Beeney |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: | Chief Legal Officer and Secretary |

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Dated: March 7, 2023

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**EXHIBIT INDEX** 

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| | |
|:---|:---|
| **EXHIBIT** |  |
| (a)(1)(vii) | Q1 Distribution and Tender Offer Update |
| EX-FILING FEES | Calculation of Filing Fee Tables |

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## Ex-99.(A)(1)(Vii)

**Exhibit (a)(1)(vii)**![LOGO](g451446page05.jpg)

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MARCH 7, 2023

Blackstone Private Credit Fund ("**BCRED**") shareholders continue to benefit from BCRED's well-positioned portfolio and asset-level yields that rise if interest rates continue to rise. These yields drove the recent increase of BCRED's distribution to an annualized yield of 10.1% based on the January NAV for Class I Common Shares.<sup>1</sup>

BCRED announced today that estimated capital inflows were up over 41% in the month of February<sup>2</sup> to approximately $470 million including estimated distribution reinvestment plan proceeds ("**DRIP**"), from $333 million for the month of January.<sup>3</sup> First quarter repurchases are estimated to be approximately 3.9%<sup>4</sup> of outstanding shares as of December 31, 2022, about 23% lower than the number of shares tendered in the previous quarter.<sup>5</sup> The final dollar value of repurchases will be disclosed in May after the March NAV is struck through the ordinary course of BCRED's filings. BCRED will be honoring all tenders for the latest quarterly repurchase period, which ended February 28<sup>th</sup>.

BCRED continues to invest into what we believe is a very attractive market opportunity for private credit in a rising yield environment. In addition, shareholders may gain exposure to large, high-quality businesses in historically resilient sectors near the top of the capital structure, which we believe results in a more defensive portfolio.

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<sup>1</sup> Annualized Distributed Yield reflects February's distribution for Class I Common Shares of $0.21 per share annualized and divided by last reported net asset value ("NAV") of $24.85 from January 31, 2023. Distributions are not guaranteed. Past performance is not necessarily indicative of future results. Distributions have been and may in the future be funded through sources other than cash flow. Please visit the Shareholders page of bcred.com for notices regarding distributions subject to Section 19(a) of the Investment Company Act of 1940. We cannot guarantee that we will make distributions, and if we do we may fund such distributions from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital, or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources. As of January 31, 2023, 100% of inception–to-date distributions were funded from cash flows from operations. A return of capital (1) is a return of the original amount invested, (2) does not constitute earnings or profits and (3) will have the effect of reducing the basis such that when a shareholder sells its shares the sale may be subject to taxes even if the shares are sold for less than the original purchase price. Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by Blackstone Credit BDC Advisors LLC (the "Adviser") or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled. For Class S Common Shares, would represent an estimated 9.3% distribution yield. For Class D Common Shares, would represent an estimated 9.9% distribution yield. 

<sup>2</sup> For subscriptions closed on March 1, 2023. Includes estimated DRIP proceeds. This is not yet final and is subject to finalization with BCRED's transfer agent.

<sup>3</sup> For subscriptions closed on February 1, 2023. Includes final DRIP proceeds.

<sup>4</sup> Based on information received from BCRED's transfer agent as of March 6, 2023.

<sup>5</sup> Repurchase amounts are not yet final and are subject to finalization with BCRED's transfer agent. 

Blackstone \| 1

## Ex-Filing

**EX-FILING FEES** 

**Calculation of Filing Fee Tables** 

**SC TO-I/A** 

(Form Type)

**BLACKSTONE PRIVATE CREDIT FUND** 

**(Exact Name of Registrant as Specified in its Charter)** 

**Table 1 – Transaction Valuation** 

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction <br> Valuation | Fee<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;rate  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount of <br> Filing Fee |
| &nbsp;&nbsp;&nbsp; Fees to Be Paid | $1134305446<sup>(a)</sup> | 0.0001102% |  |
| &nbsp;&nbsp;&nbsp; Fees Previously Paid |  |  | $125000.46<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; **Total Transaction Valuation** | $1134305446 |  |  |
| &nbsp;&nbsp;&nbsp; **Total Fees Due for Filing** |  |  | $125000.46 |
| &nbsp;&nbsp;&nbsp; **Total Fees Previously Paid** |  |  | $125000.46 |
| &nbsp;&nbsp;&nbsp; **Total Fee Offsets** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Fee Due** |  |  | $0.00 |

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(a) The transaction value is calculated as the estimated aggregate maximum purchase price for Shares. The fee of
$125,000.46 was paid in connection with the filing of the Schedule TO-I by Blackstone Private Credit Fund (File No. 005-91801) on January 31, 2023 (the
"Schedule TO").

(b) Calculated at $110.20 per $1,000,000 of the transaction value.

**Table 2 – Fee Offset Claims and Sources** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registrant <br> or Filer Name | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form <br>or Filing<br>Type | File<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number  | Initial<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filing Date  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filing Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee Offset <br>Claimed | Fee Paid<br> with<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee Offset <br>Source |
| &nbsp;&nbsp;&nbsp; Fee Offset Claims | Blackstone<br>Private Credit<br>Fund | SC TO-I | 005-91801 | January 31,<br>2023 |  | $125000.46 |  |
| &nbsp;&nbsp;&nbsp; Fee Offset Sources |  |  |  |  | January 31,<br>2023 |  | $125000.46 |

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