Wed, Sep 28, 2016
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. Nobel Sustainability Trust, Prince Albert II of Monaco help launch major new initiative to drive sustainable technologies[more]

    Matthias Knab, Opalesque: The Nobel Sustainability® Trust ("NST") is leading a major new initiative to finance, incubate and accelerate the development of clean technologies. The initiative will start with the formation of the Nobel Sustainability Fund® ("NSF"). NSF will drive faster access t

  2. Studies - Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements, Cambridge: Look to private investments for best access to LatAm growth[more]

    Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements A new study of the hedge fund space by industry law firm Seward & Kissel LLP reveals a wealth of information regarding established hedge fund managers’ use of side letters—special agreements

  3. Activist News - Caesars 'optimistic' on deal with hedge fund creditors[more]

    From Reuters.com: Caesars Entertainment Corp said on Monday it remains "optimistic" of reaching a $5 billion deal with the bulk of its creditors to push its main operating unit out of bankruptcy, but one hedge fund bondholder said it will pursue litigation. Caesars offered a sweetened $5 billion set

  4. Hedge funds recover from losses as central banks give markets a respite[more]

    Komfie Manalo, Opalesque Asia: The Lyxor Hedge Fund index was up 0.4% from the week ending September 20 (-2.4% YTD), supported by the willingness of central banks to remain accommodative, Lyxor Asset Management said in its weekly briefing. It ad

  5. Perry Capital closing flagship fund after almost three decades[more]

    From Blooomberg.com: Richard Perry, one of the biggest names in hedge funds, is calling it quits after 28 years. Perry, 61, is winding down his New York-based flagship fund as the industry confronts one of the most tumultuous periods in its history. In a letter to investors Monday, he said his style