Blackstone (NYSE: BX) today announced the pricing of the previously announced cash tender offer by Blackstone Holdings Finance Co. L.L.C. (the “Company”) for any and all of its 6.625% Senior Notes due 2019 listed in the table below (the “Notes”).
New York, September 29, 2017 – Blackstone (NYSE: BX) today announced the pricing of the previously announced cash tender offer by Blackstone Holdings Finance Co. L.L.C. (the “Company”) for any and all of its 6.625% Senior Notes due 2019 listed in the table below (the “Notes”). The tender offer is being made on the terms and subject to the conditions set forth in the offer to purchase dated September 25, 2017 and the related letter of transmittal and notice of guaranteed delivery.
The tender offer will expire at 5:00 p.m., New York City time, on September 29, 2017, unless extended or earlier terminated as described in the offer to purchase (such time and date, as they may be extended, the “Expiration Time”). Holders of the Notes who validly tender (and do not validly withdraw) their Notes prior to the Expiration Time, or who deliver to the depositary a properly completed and duly executed notice of guaranteed delivery in accordance with the instructions described in the offer to purchase and who deliver the Notes in accordance with such notice, will be eligible to receive in cash the Notes Consideration described below.
The tender offer is being made pursuant to the terms and conditions set forth in the offer to purchase, dated September 25, 2017, and the related letter of transmittal and notice of guaranteed delivery (as they may each be amended or supplemented from time to time, the “Tender Offer Documents”), to purchase for cash any and all of the Notes. The Company refers investors to the Tender Offer Documents for the complete terms and conditions of the tender offer.
The “Notes Consideration” set forth in the table above for each $1,000 principal amount of the Notes validly tendered and accepted for purchase pursuant to the tender offer was determined by the dealer managers for the tender offer in the manner described in the offer to purchase by reference to a fixed spread (the “Fixed Spread”) for the Notes specified in the table above plus the yield based on the bid-side price of the U.S. Treasury Reference Security specified in the table above at 11:00 a.m., New York City time, on September 29, 2017.
Holders will also receive accrued and unpaid interest on the Notes validly tendered and accepted for purchase from the August 15, 2017 interest payment date up to, but not including, the date the Company initially makes payment for such Notes, which date is anticipated to be October 2, 2017 (the “Settlement Date”).
Information Relating to the Tender Offer
BofA Merrill Lynch, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC are joint lead dealer managers in connection with the tender offer. Global Bondholder Services Corporation (“GBS”) is the depositary and information agent for the tender offer.
For additional information regarding the terms of the tender offer, please contact BofA Merrill Lynch at 888-292-0070 (toll-free) or 980-387-3907 (collect), Citigroup at 800-558-3745 (toll-free) or 212-723-6106 (collect) or Morgan Stanley at 800-624-1808 (toll-free) or 212-761-1057 (collect). Questions regarding the tender offer should be directed to GBS at 212-430-3774 (banks and brokers) or 866-470-3700 (all others).
The complete terms and conditions of the tender offer are described in the offer to purchase and the related letter of transmittal and notice of guaranteed delivery. These documents are available at http://www.gbsc-usa.com/Blackstone/ and may also be obtained by contacting GBS by telephone.
None of the Company, the board of directors of Blackstone Group Management L.L.C., the dealer managers, GBS or the trustee for the Notes, or any of their respective affiliates, is making any recommendation as to whether holders should tender any Notes in response to the tender offer. Holders must make their own decision as to whether to tender any of their Notes and, if so, the principal amount of Notes to tender.
This announcement is not an offer to purchase or a solicitation of an offer to sell any securities and shall not constitute a notice of redemption under the indenture governing the Notes. The tender offer is being made solely by means of the offer to purchase and the related letter of transmittal and notice of guaranteed delivery.
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with over $370 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis.
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