Blackstone Reg Finance Co. L.L.C. filed a Free Writing Prospectus on October 27, 2026, setting the pricing terms for a two-tranche senior notes offering totaling $1.1 billion, with settlement expected on November 2, 2026.

Key Highlights

  • Two tranches priced: $600,000,000 of 5.650% Senior Notes due November 3, 2031, and $500,000,000 of 5.900% Senior Notes due November 3, 2033.
  • Issue prices: The 2031 notes were priced at 99.841% and the 2033 notes at 99.954%, according to the filing.
  • Spreads to benchmark Treasury: The 2031 notes priced at T+85 basis points and the 2033 notes at T+100 basis points.
  • Expected ratings: Both tranches carry expected ratings of A+ (stable) from Standard and Poor's Financial Services LLC and A+ (stable) from Fitch Ratings, Inc.
  • Guarantors: Blackstone Inc. and five Blackstone Holdings partnerships are listed as guarantors.
  • Proceeds: Proceeds before expenses and underwriters' discount are $599,046,000 for the 2031 notes and $499,770,000 for the 2033 notes.
  • Conflict of interest noted: Blackstone Securities Partners L.P., a co-manager, is disclosed as having a conflict of interest under FINRA Rule 5121 as a subsidiary of Blackstone Inc.

Blackstone Reg Finance Dual-Tranche Offering: Pricing Terms and Structure

According to the Free Writing Prospectus filed pursuant to Rule 433 and supplementing a preliminary prospectus supplement dated October 27, 2026, Blackstone Reg Finance Co. L.L.C. priced two series of SEC-registered senior notes. The 2031 tranche carries a coupon of 5.650% per year with a reoffer yield of 5.687%, while the 2033 tranche carries a coupon of 5.900% per year with a reoffer yield of 5.908%. Interest on both tranches accrues from November 2, 2026, and is payable on May 3 and November 3 each year, commencing May 3, 2027. Notes are offered in denominations of $2,000 times $1,000.

The filing identifies Blackstone Inc., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., and Blackstone Holdings IV L.P. as guarantors. The benchmark Treasury for the 2031 notes is the 5.000% due September 30, 2031, with a price and yield of 100-22+ and 4.837%, respectively. For the 2033 notes, the benchmark is the 5.000% due September 30, 2033, at 100-17 and 4.908%. Each tranche includes a make-whole call at T+15 basis points prior to its respective par call date, and a par call option on or after October 3, 2031 for the 2031 notes and on or after September 3, 2033 for the 2033 notes.

The filing names Citigroup Global Markets Inc., Goldman Sachs and Co. LLC, Morgan Stanley and Co. LLC, SMBC Nikko Securities America, Inc., and Wells Fargo Securities, LLC as joint book-running managers. A total of 20 additional co-managers are listed. The registration statement is filed under Registration No. 333-283540, as amended by post-effective amendment no. 1. Settlement is expected on a T+4 basis, on or about November 2, 2026. The filing notes that the offering is made in compliance with FINRA Rule 5121 requirements regarding the conflict of interest arising from Blackstone Securities Partners L.P.'s participation as co-manager.

What Was Disclosed

Blackstone Reg Finance Co. L.L.C. disclosed full pricing terms for a $600 million 5.650% Senior Notes due 2031 and a $500 million 5.900% Senior Notes due 2033 offering, including issue prices, spreads, yields, call provisions, CUSIP identifiers, and underwriting syndicate composition.