v3.25.4
Line of Credit Agreement
12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Line of Credit Agreement
4.
Line of Credit Agreement
On
January 2
, 2025
, BXINFRA U.S.
(the “Borrower”) entered into an
unsecured, uncommitted line of credit agreement (“Line of Credit”) with Blackstone Holdings Finance Co. L.L.C. (“Finco”) providing up to a maximum amount of $300.0 million. On November 26
, 2025
,
the term of the Line of Credit was extended to January 2
, 2027
, subject to
one-year
extension options requiring Finco approval.
Under the Line of
Credit, the interest rate on the unpaid balance of the principal amount of each loan is the then-current borrowing rate offered by a third-party lender, or, if no such rate is available, the applicable Secured Overnight Financing Rate (“SOFR”) plus 3.50%. Each advance under the Line of Credit is repayable on the earliest of (a) the expiration of the Line of
Credit, (b) Finco’s demand or (c) the date on which the Investment
Manager no longer
 acts as investment manager to the Borrower, provided that the Borrower will 
have 180 days to make such
 
repayment in the cases of clauses (a) and (b) and 45
days to
make such repayment in the case of clause (c). To the extent the Borrower has not repaid all loans and other obligations under the Line of Credit after a repayment event has occurred, the Borrower is obligated to apply the net cash proceeds from its offering and any sale or other disposition of assets to the repayment of such loans and other obligations; provided that the Borrower will be permitted to (a) make distributions to avoid any entity level tax, (b) make payments to fulfill any redemption requests of the Borrower pursuant to any established unit redemption plans, (c) use funds to close any investment which the Borrower committed to prior to receiving a demand notice and (d) make distributions to its unitholders or shareholders at per Unit or per share levels consistent with the immediately preceding fiscal quarter. The Line of Credit also permits voluntary pre-payment of principal and accrued interest without any penalty other than customary SOFR breakage costs. The Line of Credit contains customary events of default. As is customary in such financings, if an event of default occurs under the Line of Credit, Finco may accelerate the repayment of amounts outstanding under the Line of Credit and exercise other remedies subject, in certain instances, to the expiration of an applicable cure period. As of
December 31
, 2025
, BXINFRA U.S. had no
borrowings or amounts outstanding under the Line of Credit.