BSL 8-K
Blackstone Senior Floating Rate 2027 Term Fund (BSL)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 19, 2020
Blackstone / GSO Senior Floating Rate Term Fund
(Exact name of registrant as specified in its charter)
| Delaware | 811-22393 | 27-2267165 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
| 345 Park Avenue, 31st Floor New York, NY |
10154 | |||
| (Address of principal executive offices) | (Zip Code) | |||
Registrant’s telephone number, including area code: (877) 876-1121
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: None
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b–2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
On February 19, 2020, Blackstone / GSO Senior Floating Rate Term Fund (the “Fund”) issued a press release announcing that the Fund’s shareholders have approved (i) amending the Fund’s Amended and Restated Agreement and Declaration of Trust to revise the maximum extension period of the Fund’s dissolution date from two years to five years and (ii) extending the term of the Fund by five years by changing the Fund’s scheduled dissolution date from May 31, 2022 to May 31, 2027. The press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. |
Description | |
| Exhibit 99.1 | Press Release, dated February 19, 2020. | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND | ||||||
| Date: February 21, 2020 | By: | /s/ Marisa J. Beeney | ||||
| Name: Marisa J. Beeney | ||||||
| Title: Chief Compliance Officer, Chief Legal Officer and Secretary | ||||||
Exhibit 99.1
PRESS RELEASE
345 Park Avenue, 31st Floor
New York, NY 10154
877.299.1588
FOR IMMEDIATE RELEASE
February 19, 2020
Blackstone / GSO Senior Floating Rate Term Fund
Announces Shareholder Approval of Term Extension
New York, New York – Blackstone / GSO Senior Floating Rate Term Fund (NYSE: BSL, the “Fund”) announced today that the Fund’s shareholders have approved a proposal to extend the term of the Fund by five years by changing the Fund’s scheduled dissolution date from May 31, 2022 to May 31, 2027 (the “Term Extension”). The Fund’s shareholders also approved an amendment to BSL’s charter (the “Charter Amendment”) to allow extensions greater than two years in length (with any future proposed extension still subject to approval by the Fund’s Board of Trustees (the “Board”) and the Fund’s shareholders).
The Term Extension is intended to allow the Fund continued access to the senior loan market with the potential to generate attractive income for shareholders through the extended life of the Fund. In connection with the Fund’s term extension in 2017, GSO / Blackstone Debt Funds Management LLC (the “Adviser”) and ALPS Fund Services Inc., the Fund’s administrator, reduced the fees they each charge to the Fund. For the duration of the Term Extension, until May 31, 2027, the management fee and administrator fee will remain at the reduced rates, thereby continuing to result in a higher portfolio yield for the Fund than if the original fees were in effect.
The Charter Amendment allowed the Term Extension to be approved for a length of five years instead of two years, and it is intended to provide the Fund with flexibility to extend its dissolution date for longer periods and potentially allow enhanced efficiency with respect to Fund expenses, as the costs associated with two- or five-year extensions are similar.
In connection with the Term Extension, the Fund is implementing a program to repurchase up to 15% of outstanding shares of the Fund in the open market (the “Share Repurchase Program”) if BSL shares trade at a sustained discount to NAV, as described in the proxy statement. The Adviser and the Board believe that the Share Repurchase Program, if triggered, would act as a mitigant to the potential risk of share price volatility.
About Blackstone and GSO Capital Partners
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our businesses, with $571 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis.
GSO Capital Partners LP is the global credit investment platform of Blackstone. Our credit segment, which consists principally of GSO, has approximately $144 billion of assets under management. GSO is one of the largest alternative managers in the world focused on the leveraged-finance, or non-investment grade related, marketplace. GSO seeks to generate attractive risk-adjusted returns in its business by investing in a broad array of strategies including mezzanine debt, distressed investing, leveraged loans and other special-situation strategies. Its funds are major providers of credit for small and middle-market companies and they also advance rescue financing to help distressed companies.
Investors wishing to buy or sell shares need to place orders through an intermediary or broker.
Contact the Fund at 1-877-299-1588 or visit the Fund’s website at www.blackstone-gso.com/bsl for additional information.