Business & Finance
Business and Finance
Business and Finance
Fri, July 2, 2010
Thu, July 1, 2010 Blackstone / GSO Senior Floating Rate Term Fund Declares Initial Monthly Distribution of $0.11 Per Share
NEW YORK--([ BUSINESS WIRE ])--Blackstone / GSO Senior Floating Rate Term Fund (the Fund) (NYSE: BSL) today declared its first monthly distribution of $0.11 per common share, payable August 31, 2010. Based on the Funda™s initial public offering price of $20.00 per share, the distribution represents an annualized yield of 6.6%.
"As a result, investing the proceeds from the Funda™s initial public offering and subsequent exercises of portions of the over allotment option is substantially complete and we are well on our way towards delivering to investors an attractive yield based on a very solid portfolio."
The following dates apply to the distribution declared today:
Ex-Distribution Date: August 16, 2010
Record Date: August 18, 2010
Payable Date: August 31, 2010
aWe are pleased with the way the portfolio has come together in terms of quality, price and speed. The unsettled state of the credit markets following Maya™s spike in stock market volatility created an environment where we have been able to deploy the Funda™s capital into high quality senior secured loans at attractive yields and at a faster pace than previously anticipateda said Dan Smith, Senior Managing Director of GSO / Blackstone. aAs a result, investing the proceeds from the Funda™s initial public offering and subsequent exercises of portions of the over allotment option is substantially complete and we are well on our way towards delivering to investors an attractive yield based on a very solid portfolio.a
Blackstone / GSO Senior Floating Rate Term Fund
The Fund is a non-diversified, closed-end management investment company that is managed by GSO / Blackstone Debt Funds Management LLC, a subsidiary of The Blackstone Group and GSO Capital Partners LP. The Funda™s primary 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. There can be no assurance the Fund will achieve its investment objectives. The Fund had approximately $285.8 million of total net assets and 15 million common shares outstanding as of June 30, 2010.
About The Blackstone Group and GSO Capital Partners
Blackstone is one of the worlda™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 credit business, GSO Capital Partners LP, with over $24 billion of assets under management, is one of the largest credit-oriented alternative asset managers in the world and a major participant in leveraged finance. GSO specializes in collateralized loan obligation vehicles (CLOs) and credit-oriented funds, which include leveraged loans, special situations, mezzanine, distressed, secondary market and rescue financing credit strategies. Our other alternative asset management businesses include the management of private equity funds, real estate funds, funds of hedge funds, and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services. Further information is available at [ www.blackstone.com ].
Contact the Fund at 1-877-876-1121 or visit the Funda™s website at [ www.blackstone-gso.com ] for additional information.
The Blackstone / GSO Senior Floating Rate Term Fund is a closed-end fund and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since its initial public offering, the Fund has traded on the New York Stock Exchange under the symbol BSL. Investors wishing to buy or sell shares need to place orders through an intermediary or broker.
