Blackstone Credit Announces Name Changes for Two Closed-End Funds to Specify "2027 Term" in Name

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Blackstone Liquid Credit Strategies LLC announced on February 23, 2023 that two of its closed-end funds will undergo name changes effective March 6, 2023. The Blackstone Senior Floating Rate Term Fund (NYSE: BSL) will be renamed to Blackstone Senior Floating Rate 2027 Term Fund, and the Blackstone Strategic Credit Fund (NYSE: BGB) will become Blackstone Strategic Credit 2027 Term Fund. Both funds are set to dissolve in 2027, with BSL terminating on May 31, 2027 and BGB on September 15, 2027.

NEW YORK, Feb. 23, 2023 /PRNewswire/ -- Blackstone Liquid Credit Strategies LLC, an affiliate of Blackstone Alternative Credit Advisors LP (collectively, and together with their affiliates in the credit-focused business of Blackstone Inc., "Blackstone Credit"), announced name changes for two listed closed-end funds it advises. The name changes are being made to clarify the limited terms already in place for the funds, which are both anticipated to be dissolved in 2027.

Blackstone Senior Floating Rate Term Fund (NYSE: BSL) and Blackstone Strategic Credit Fund (NYSE: BGB) (each a "Fund" and together the "Funds") are being renamed to "Blackstone Senior Floating Rate 2027 Term Fund" and "Blackstone Strategic Credit 2027 Term Fund", respectively, effective March 6, 2023.

BSL's limited term ends on May 31, 2027, and BGB's limited term ends on September 15, 2027. Blackstone Credit expects that the Funds will work toward wind-downs on or around those dates and intends to manage the Funds accordingly. In the event there are extraordinary market conditions that warrant an extension of either Fund's term beyond 2027, both Board of Trustee and shareholder approval would be required to extend such Fund's term. No change is currently being made to either Fund's investment objective and strategy, nor in Fund management. There will be no changes to the Funds' ticker symbols on the New York Stock Exchange.

About Blackstone and Blackstone Credit

Blackstone is the world's largest alternative asset manager. 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 $975 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, Twitter, and Instagram.

Blackstone Credit is one of the world's largest credit-focused asset managers, with $246 billion in AUM. We seek to generate attractive risk-adjusted returns for our clients by investing across the entire corporate credit market, from public debt to private loans. Our capital supports a wide range of companies across sectors and geographies, enabling businesses to expand, invest, and navigate changing market environments. 

Investors wishing to buy or sell shares need to place orders through an intermediary or broker.

Contact the Funds at 1 (877) 299-1588 or visit the Funds' website at www.blackstone-credit.com for additional information.

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SOURCE Blackstone

FAQ

What are the new names of the Blackstone funds?

The Blackstone Senior Floating Rate Term Fund is now called Blackstone Senior Floating Rate 2027 Term Fund, and the Blackstone Strategic Credit Fund is now Blackstone Strategic Credit 2027 Term Fund.

When do the name changes for the Blackstone funds take effect?

The name changes will take effect on March 6, 2023.

What are the termination dates for the Blackstone funds?

The Blackstone Senior Floating Rate Term Fund will terminate on May 31, 2027, and the Blackstone Strategic Credit Fund will terminate on September 15, 2027.

Will there be any changes to the investment strategies of BSL and BGB?

No, there will be no changes to the investment objectives and strategies of either fund.

Do the ticker symbols for the funds change?

No, there will be no changes to the Funds' ticker symbols on the New York Stock Exchange.