Sun, Oct 23, 2016
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Blackstone announces successful IPO of GSO Strategic Credit Fund

Thursday, September 27, 2012
Opalesque Industry Update - GSO / Blackstone, part of the credit platform of Blackstone (NYSE: BX), one of the world’s leading investment and advisory firms, today announced the successful pricing of the initial public offering of Blackstone / GSO Strategic Credit Fund (the “Fund”). The Fund’s primary investment objective is to seek high current income, with a secondary objective to seek preservation of capital, consistent with its primary goal of high current income. The Fund began trading on the New York Stock Exchange (NYSE) today under the symbol “BGB”.

The Fund raised $834.8 million in its common share offering, or $960 million assuming the full exercise of the underwriters’ overallotment option, which may or may not occur. GSO / Blackstone Debt Funds Management LLC (“GSO / Blackstone”), a subsidiary of Blackstone, is the Fund’s investment adviser. This is GSO / Blackstone’s third closed-end fund; the other funds managed by the team trade under the tickers “BSL” and “BGX.” The lead managers of the common share underwriting syndicate were Morgan Stanley, Citigroup, BofA Merrill Lynch, UBS Investment Bank, and Wells Fargo Securities.

“The Blackstone / GSO Strategic Credit Fund represents the third addition to our family of closed-end funds focused on the leveraged finance asset class. GSO / Blackstone continues to be a strong believer in the long-term opportunity in below investment grade corporate credit. We are excited to put our organization’s considerable resources and skills in this asset class to work on behalf of the investors in this fund," said Dan Smith, Senior Managing Director at Blackstone.

Shares of closed-end investment companies, like the Fund, usually trade on a national stock exchange. Similar to stocks, the Fund’s share price will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end funds frequently trade at a discount from their net asset value.

The Fund is a newly organized, non-diversified, closed-end management investment company with no operating history. Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. For a prospectus which contains this and other information relevant to an investment in the fund, please contact your securities representative. Investors should read the prospectus carefully before they invest.

About Blackstone
Blackstone is one of the world’s leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit- oriented funds and closed-end funds. The Blackstone Group also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at


What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. M&A - U.S. hedge fund HarbourVest is shock winner in the £1.1bn SVG Capital takeover saga, Hedge fund Parvus shows hand, toppling William Hill merger deal[more]

    U.S. hedge fund HarbourVest is shock winner in the £1.1bn SVG Capital takeover saga From The fierce battle to buy Britain's biggest private equity group has come to an unexpected conclusion, with the original bidder walking away with the prize. SVG Capital has agreed

  2. Marc Lasry: Energy is still a phenomenal opportunity[more]

    From Distressed debt specialist Marc Lasry said energy debt is still a "phenomenal opportunity" because investors can get "massively overpaid" for the risk they take on. There are "huge opportunities" in the energy sector especially in restructurings, the Avenue Capital Group CEO said Tues

  3. Opalesque Exclusive: Ex-SAC manager re-emerges with market neutral hedge fund[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: A manager re-emerged from the SAC battleground last year to launch his own hedge fund under the umbrella of New York-based investment firm Endicott Group.

  4. North America - Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation, Billionaire hedge fund titans Dinan, Lasry on election, markets and best investment ideas[more]

    Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation From Kyle Bass, founder of Hayman Capital Management, on Wednesday warned that the U.S. is headed toward so-called stagflation. Stagflation is typically described as persistently high inflation and hi

  5. Macro hedge funds up 3.3% in one week on Fed and Brexit pays off[more]

    Komfie Manalo, Opalesque Asia: Hedge funds were boosted by the strong performance of global macro funds, with the Lyxor Global Macro Index gaining 3.3% as of the week ending Oct. 11 (-1.7% YTD), Lyxor Asset Management reported. Their short on the p