UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 2, 2022
Blackstone Secured Lending Fund
(Exact name of Registrant as specified in its charter)
Delaware | 814-01299 | 82-7020632 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
345 Park Avenue, 31st Floor New York, New York |
10154 | |||
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (212) 503-2100
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: None
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Common Shares of Beneficial Interest, $0.001 par value per share | BSXL | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Election of Directors; Departure of Directors or Certain Officers
Effective May 2, 2022, the board of trustees (the Board) of Blackstone Secured Lending Fund (the Fund) appointed Michelle Greene to the Board and as a member of the Boards Audit Committee, Nominating and Governance Committee, and Compensation Committee. Ms. Greenes appointment brings the total number of trustees on the Board to seven, five of whom are not interested persons of the Fund as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended.
Ms. Greene is President Emeritus and a Board member and Advisor to the Long-Term Stock Exchange (LTSE), a venture-backed, SEC-approved National Market System exchange with listing standards designed to support companies seeking to partner with long-term shareholders, engage a broad group of stakeholders and build their businesses over time. In this role, she provides guidance to executives on governance and policy issues, including related to ESG, the role of the board, long-term investor and stakeholder engagement and IPOs. She also is a Fellow at the Aspen Institute Business & Society Program, which works with executives, investors, and scholars to align business decisions and investments with the long-term health of society and the planet. Prior to LTSE, Ms. Greene was Senior Vice President and Head of Global Corporate Responsibility at the New York Stock Exchange (NYSE), where she launched and led its global ESG team, advised Fortune 500 companies on sustainability programs and served as Executive Director of the NYSE Foundation. Previously, she served at the U.S. Department of the Treasury under two administrations, working on financial markets policy, including government response to the 2008 financial crisis and policy development on financial inclusion. Ms. Greene was also a Consultant at McKinsey & Company and led the Carr Center for Human Rights Policy at Harvard University, having begun her career as a corporate securities lawyer. Ms. Greene has been a member of recent Aspen Institute working groups on employee voice on corporate boards and executive compensation and previously served on World Economic Forum advisory boards on financial inclusion and gender parity. She was previously Executive Director of the Presidents Advisory Council on Financial Literacy and Financial Inclusion, a member of the White House Council on Women and Girls and an adjunct professor at Columbia Universitys School of International and Public Affairs. Ms. Greene graduated from Dartmouth College and received a J.D. from Harvard Law School.
Ms. Greene has not been elected to serve as a trustee pursuant to any agreement or understanding with the Fund or any other person, and there are no transactions in which Ms. Greene has an interest requiring disclosure under Item 404(a) of Regulation S-K. Ms. Greene will receive the standard compensation paid by the Fund to its trustees that are not interested persons.
Effective May 3, 2022, in light of new responsibilities and time commitments within Blackstone Credit, Daniel H. Smith, Jr. resigned from his position as a trustee of the Fund. Mr. Smiths resignation was not a result of any disagreement with the Fund on any matter relating to the Funds operations, policies or practices. The Fund is grateful to Mr. Smith for his dedicated service to the Fund since its inception.
Item 9.01 | Financial Statements and Exhibits |
(d) | Exhibits |
99.1 | Press Release of Blackstone Alternative Credit Advisors LP, dated May 3, 2022. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 3, 2022 | BLACKSTONE SECURED LENDING FUND | |||||
By: | /s/ Marisa J. Beeney | |||||
Name: | Marisa J. Beeney | |||||
Title: | Chief Compliance Officer, Chief Legal Officer and Secretary |
Exhibit 99.1
Michelle Greene Joins Board of Trustees of Blackstone Credit BDCs
New York, May 3, 2022 Blackstone Private Credit Fund (BCRED) and Blackstone Secured Lending Fund (BXSL), Blackstone Credits business development companies (BDCs), today announced the appointment of Michelle Greene, a leader in ESG, stakeholder capitalism and strategic sustainability implementation, to their Boards of Trustees, effective May 2, 2022. BCRED and BXSL are part of the direct lending platform within Blackstones $230 billion credit business, the firms fastest growing segment.
Ms. Greene is President Emeritus and a Board member and Advisor to the Long-Term Stock Exchange (LTSE), a venture-backed, SEC-approved National Market System exchange with listing standards designed to support companies seeking to partner with long-term shareholders, engage a broad group of stakeholders and build their businesses over time. In this role, she provides guidance to executives on governance and policy issues, including related to ESG, the role of the board, long-term investor and stakeholder engagement and IPOs. She also is a Fellow at the Aspen Institute Business & Society Program, which works with executives, investors and scholars to align business decisions and investments with the long-term health of society and the planet.
Commenting on the appointment, Brad Marshall, Head of North America Private Credit at Blackstone and CEO and Trustee of both BCRED and BXSL, said: Were thrilled to welcome a visionary leader like Michelle, whose career illustrates the power of financial markets to advance diversity, decarbonization and good governance, to the Boards of our BDCs.
Michelle Greene added: Im excited to join the team to help oversee Blackstone Credits direct lending efforts as a Trustee on the Boards of BCRED and BXSL. Blackstones scale and commitment to ESG across its business are a powerful combination for businesses at all stages of their ESG journeys seeking not only capital but partnership and expertise.
Prior to LTSE, Ms. Greene was Senior Vice President and Head of Global Corporate Responsibility at the New York Stock Exchange (NYSE), where she launched and led its global ESG team, advised Fortune 500 companies on sustainability programs and served as Executive Director of the NYSE Foundation. Previously, she served at the U.S. Department of the Treasury under two administrations, working on financial markets policy, including government response to the 2008 financial crisis and policy development on financial inclusion. Ms. Greene was also a consultant at McKinsey & Company and led the Carr Center for Human Rights Policy at Harvard University, having begun her career as a corporate securities lawyer.
Ms. Greene has previously served on World Economic Forum advisory boards on financial inclusion and gender parity. She was Executive Director of the Presidents Advisory Council on Financial Literacy and Financial Inclusion, a member of the White House Council on Women and Girls and an adjunct professor at Columbia Universitys School of International and Public Affairs. Ms. Greene graduated from Dartmouth College and received a J.D. from Harvard Law School.
About Blackstone Private Credit Fund
Blackstone Private Credit Fund (BCRED) is Blackstones non-listed business development company (BDC). Leveraging Blackstones institutional-caliber investment approach, BCRED aims to provide income-focused individual investors access to private credit in a continuously offered fund structure. It is part of Blackstone Credits $74 billion direct lending platform, which provides privately originated, senior secured, floating rate loans to U.S. and European middle market companies. BCRED is externally managed by a subsidiary of Blackstone (NYSE: BX), a global leader in credit investing.
About Blackstone Secured Lending Fund
Blackstone Secured Lending Fund (NYSE:BXSL) is a specialty finance company that invests primarily in the debt of private U.S. companies. As of December 31, 2021, BXSLs fair value of investments was approximately $9.9 billion. BXSL has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. BXSL is externally managed by Blackstone Credit BDC Advisors LLC, an SEC-registered investment adviser that is an affiliate of Blackstone Inc. (formerly, The Blackstone Group Inc.). Blackstone Inc., together with its subsidiaries, is the worlds largest alternative investment firm with approximately $915 billion of assets under management as of March 31, 2022.
About Blackstone Credit
Blackstone Credit is one of the worlds largest credit-focused asset managers, with $230 billion in AUM. We seek to generate attractive risk-adjusted returns for our clients by investing across the entire corporate credit market, from public debt to private loans. Our capital supports a wide range of companies across sectors and geographies, enabling businesses to expand, invest, and navigate changing market environments.
Contact
Mariel Seidman-Gati
Mariel.seidmangati@blackstone.com
+1 917-698-1674