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Blackstone Private Credit Fund Urges Investors to Reject Tender Offer at 12.5% NAV Discount
Blue Vault reports that Blackstone Private Credit Fund's board opposes an outside offer to buy Class I shares at $20.65. The offer from Cox Capital Retail Secondaries Fund I and affiliates is 12.5% below BCRED's August 31 net asset value of $23.60 and is capped at $20 million.
BCRED argues that the discount benefits the buyer at sellers' expense and contrasts the offer with its own NAV-based repurchase program. Its estimate that certain repeat tendering investors would recover about 75% of requested capital over roughly 90 days depends on resubmission and final processing; it is not a promise of immediate, unrestricted liquidity.
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