Fri, Mar 27, 2015
A A A
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 www.blackstone.com.

fg

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. Other Voices: Does the hedge fund industry benefit society?[more]

    This article was authored by Don Steinbrugge, Chairman of Agecroft Partners, a US-based global consulting and third party marketing firm for hedge funds. It is no secret that the hedge fund industry is viewed negatively by a la

  2. Private credit comes into focus for investors[more]

    Bailey McCann, Opalesque New York: As investors look for a way out of the low yield/no yield environment, private credit is becoming an increasingly attractive asset class, according to a white paper from Bayshore Capital Advisors. Private credit has grown steadily since the financial crisis as

  3. M&A - Hedge funds no longer attractive targets for banks, reinsurers, Blackstone buys stake in Christopher Pucillo’s Solus event-driven hedge fund[more]

    Hedge funds no longer attractive targets for banks, reinsurers From Institutionalinvestor.com: Swiss RE, the world’s second-largest reinsurer, is looking to sell its 15 percent stake in Jersey, Channel Islands–based hedge fund firm Brevan Howard Asset Management. Morgan Stanley reported

  4. Opalesque Radio: Threadneedle expects continuing equity volatility this year[more]

    Benedicte Gravrand, Opalesque Geneva: Investors should expect more volatility, which is signaling a "slow moving" top to the market, KKM Financial’s founder and CEO Jeff Kilburg told CNBC on Monday. And this volatility is going

  5. Hedge funds show strong performance of 2.52% so far in 2015[more]

    Komfie Manalo, Opalesque Asia: The hedge fund industry got off to a strong start in 2015 "completely unmindful" of the poor performance last year, according to data provider Preqin. According to Preqin, following a year which saw the average he

 

banner