Simpson Thacher Represents Closed-End Funds Advised by GSO / Blackstone Debt Funds Management in Offerings of Preferred Stock
10.11.16
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The Firm represented Blackstone / GSO Strategic Credit Fund (“BGB”) and Blackstone / GSO Long-Short Credit Income Fund (“BGX”) (collectively, the “Funds”) in connection with their private placements of $45 million aggregate principal amount and $20 million aggregate principal amount, respectively, of fixed-rate Mandatory Redeemable Preferred Stock. The net proceeds of each offering will be used to make new portfolio investments, reduce credit facility borrowings and for general corporate purposes. The Funds are closed-end management investment companies which trade on the New York Stock Exchange under the symbols “BGB” and “BGX,” respectively. Morgan Stanley & Co. LLC acted as placement agent for these offerings.
GSO / Blackstone Debt Funds Management, LLC, the Funds’ investment adviser, is a wholly owned subsidiary of GSO Capital Partners LP. GSO Capital Partners LP is the credit division of The Blackstone Group L.P. with approximately $85 billion in assets under management as of June 30, 2016.
The Simpson Thacher team included Sarah Cogan, Rafael Vasquez, Benjamin Wells and Meaghan Krupa (Capital Markets); Mary B. Touchstone, Shana Ramirez and Naomi Hung (Credit); and Jonathan Cantor and Michael Badain (Tax).