BGXBlackstone Long-Short Credit Income Fund
Dec 19, 4:39 PM ET
Blackstone / GSO Long-Short Credit Income Fund raises long investment limit to 150%
The fund's Board of Trustees approved a change to its investment guidelines, raising the limit on long positions from 130% to 150% of net assets while keeping short positions at 30% and total positions at up to 160%. The Board also approved a higher credit facility commitment allowing borrowings of up to 50% of net assets, and the change is intended to take effect in January 2015. The change lets the fund apply borrowed proceeds to long investments, which the prior guidelines did not allow, so shareholders face more leverage if the fund uses the expanded limits.
- Long positions, directly or through derivatives, may total up to 150% of net assets, up from 130%.
- Short positions may total up to 30% of net assets, unchanged; total long and short positions may total up to 160%.
- Credit facility borrowings may reach up to 50% of net assets, under terms substantially consistent with the current facility.
- The change is currently intended to take effect in January 2015.