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Blackstone / GSO Long-Short Credit Income FundDeclares Initial Monthly Distributions of $0.108 Per Share

^{Published on 2011-03-02 17:20:27 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Blackstone / GSO Long-Short Credit Income Fund (the Fund) (NYSE: BGX) announced the declaration of its first three monthly distributions of $0.108 per common share, payable on the dates noted below. Based on the Funda™s initial public offering price of $20.00 per share, the distributions represent an annualized yield of 6.5%.

"We expect to invest the balance of the Funda™s cash within the next several weeks. Based on the progress to date and our expectations for the portfolio once fully invested, we are able to declare a monthly distribution of $0.108 per share for March, April and May."

The following dates apply to the distributions declared:

Ex-Date: March 16, 2011
Record Date: March 18, 2011
Payable Date: March 31, 2011
Per Share Amount: $0.108

Ex-Date: April 18, 2011
Record Date: April 20, 2011
Payable Date: April 29, 2011
Per Share Amount: $0.108

Ex-Date: May 17, 2011
Record Date: May 19, 2011
Payable Date: May 31, 2011
Per Share Amount: $0.108

aThe Fund began investing the proceeds of the initial public offering on January 27th and we are pleased to report that as of the marketa™s close on February 28th, we have invested approximately 70% of the Funda™s capital in secured loans and high yield bonds as of the marketa™s close on February 28th. At present the Funda™s portfolio of investments is comprised ofapproximately 91% secured loans and 9% high yield bonds,a said Dan Smith, Senior Managing Director of GSO / Blackstone and Chairman, President and CEO of the Fund. aWe expect to invest the balance of the Funda™s cash within the next several weeks. Based on the progress to date and our expectations for the portfolio once fully invested, we are able to declare a monthly distribution of $0.108 per share for March, April and May.a

aThe high yield, or below investment grade, credit markets havebeen solid performers for the first two months of 2011 as shown by the Credit Suisse Leverage LoanIndex (CR) and Credit Suisse High Yield Bond Index (CR), which produced total returns of 2.51% and 3.34%, respectively. Importantly, in the face of the political and civil unrest in the Middle East and the associated spike in oil prices, these markets have exhibited stability. We believe that the risk and return characteristics of non-investment grade credit and specifically secured loans, remains favorable and we intend to position the Fund to take advantage of this,a said Lee Shaiman, Managing Director of GSO / Blackstone and Portfolio Manager of the Fund.

Blackstone / GSO Long-Short Credit Income 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 provide current income, with a secondary objective of capital appreciation. There can be no assurance the Fund will achieve its investment objectives. Additional information is available at [ www.blackstone-gso.com/bgx ].

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 $29 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. Blackstone 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 ].

Blackstone / GSO Long-Short Credit Income 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 BGX.Investors wishing to buy or sell shares need to place orders through an intermediary or broker.

Contact the Fund at 1-877-876-1588 or visit the Funda™s website at [ www.blackstone-gso.com/bgx ] for additional information.