Tue, Oct 17, 2017
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. Regulatory - David Stockman: Trump tax reform overhaul is a pipe dream, stocks are heading for 40-70% plunge, Carried interest tax: How much does it matter?, Odey sees 'terrifying' mix in MiFID, tapering, asset values, Hedge funds come together to share cost of MiFID and research, SEC turns up the heat on U.S. investment advisers, India's Sebi asks hedge funds to report investments in commodity derivatives[more]

    David Stockman: Trump tax reform overhaul is a pipe dream, stocks are heading for 40-70% plunge From CNBC.com: David Stockman is warning about the Trump administration's tax overhaul plan, Federal Reserve policy, saying they could play into a severe stock market sell-off. Stockman, the R

  2. North America - Puerto Rico rejects loan offers, accusing hedge funds of trying to profit off hurricanes[more]

    From TheIintercept.com: Puerto Rico has rejected a bondholder group's offer to issue the territory additional debt as a response to the devastation of Hurricane Maria. Officials with Puerto Rico's Fiscal Agency and Financial Advisory Authority said the offer was "not viable" and would harm the islan

  3. Investing - WPP targeted by short-selling American hedge fund, Sun co-founder sells secretive hedge fund on big chip trade[more]

    WPP targeted by short-selling American hedge fund From Cityam.com: An American hedge fund has mounted a bet against WPP, the world's largest advertising group, with a trade worth almost £90m. Lone Pine Capital has built a short position worth 0.51 per cent of the FTSE 100 company,

  4. Hedge funds up as industry adjusts to rising rates[more]

    Komfie Manalo, Opalesque Asia: Hedge funds have reshuffled their portfolio after nearly four weeks of rising rates as the Lyxor Hedge Fund Index was up +0.2% from 19 September to 26 (+1.1% YTD), fuelled by strong results of global macro funds, Lyxor Ass

  5. Manager Profile - How the world's hedge fund king used 'idea meritocracy' to become a billionaire[more]

    From Forbes.com: In 1982, Ray Dalio made what he calls the biggest mistake of his life. He made a bet that there would be an economic collapse stemming from a debt crisis. And he was wrong. He lost money. He lost his client's money. He had to let people go from his firm and borrow money from his dad