Blackstone defaults on €531M mortgage-backed bond - report-To The Moon - Tiger Brokers Online Investing Community

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Blackstone defaults on €531M mortgage-backed bond - report

seekingalpha2023-03-03

Blackstone (NYSE:BX) has reportedly defaulted on a €531M bond backed by a portfolio of offices and stores owned by Finnish property investment firm Sponda, which it acquired in 2017. The private ...

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陳春豐
·2023-03-03
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The private equity firm earlier sought an extension from holders of the securitized notes so that it could sell the assets and repay the debt, Bloomberg reported citing people aware of the matter. Seeking Alpha learned that the asset sale process was impacted by COVID-related disruptions, the Ukraine war (the assets are located in Finland, which shares its border with Russia) and wider market volatility.  The commercial mortgage-backed security has since matured, without being repaid, the report added. \"This debt relates to a small portion of the Sponda portfolio,\" a Blackstone (BX) spokesperson said in an emailed response. \"We are disappointed that the servicer has not advanced our proposal, which we believe would deliver the best outcome for noteholders.\" The portfolio represents ~10%-15% of Sponda's overall portfolio. The rest has been refinanced recently, according to a source who declined to be named. 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