GSO / Blackstone, part of the credit platform of Blackstone, has raised $835m through an initial public offering of its third closed-end credit fund, the Nasdaq-listed buyout giant said today.
Blackstone / GSO Strategic Credit Fund invests in loans and other fixed income instruments of primarily US corporate issuers, including first- and second-lien secured loans and high-yield corporate bonds of different maturities.
The vehicle raised $835m through its common share offering in New York today, or $960m assuming the full exercise of the underwriters’ overallotment option, which is not certain, the firm said.
Morgan Stanley, Citigroup, BofA Merrill Lynch, UBS and Wells Fargo served as underwriters.
GSO, which currently has $51bn in assets under management and $5.6bn in dry powder, specialises in leveraged loans, high yield bonds, distressed debt, mezzanine lending and rescue financing.
Blackstone bought the unit for about $930m in 2008, at which point it had $10bn of AUM.
Copyright © 2012 AltAssets