Managing Director Jason Mehring will replace Tseng as Director, Board Chair, and CEO across three BlackRock BDCs.
The unsolicited bid comes just three days after Blue Owl Credit Income Corp. disclosed 16.8% in Q3 redemption requests.
Proceeds from the 7.600% issuance maturing in 2031 may be used for general corporate purposes and to repay existing borrowings.
Patrick Wolfe has resigned as COO of BlackRock Private Credit Fund, BlackRock Direct Lending Corp., and BlackRock TCP Capital Corp., weeks after CEO Philip Tseng left the same three funds.
The former Sixth Street Senior Advisor will oversee portfolio construction for the firm's solutions, including credit secondaries and direct credit.
Jonathan Bock has stepped down as Co-CEO of Blackstone Private Credit Fund, less than a month after its COO resigned.
Mark Goldberg of Alternative Investments Market Intelligence analyzes why redemption queues across non-traded BDCs could take years to clear despite easing withdrawal demand.
The $2.6 billion BDEBT, which had around $1.4 billion in liquidity in April, will repurchase approximately $83 million of shares.
The firm recently restricted redemptions in its $26 billion non-traded BDC, HPS Corporate Lending Fund (HLEND).
The Kirkland & Ellis and Proskauer alum brings regulatory experience that looks to strengthen the firm's permanent capital and private credit practice.
