Blackstone / GSO Senior Floating Rate Term Fund extends reinvestment period
The fund extended its reinvestment period, allowing it to keep reinvesting proceeds from maturities, prepayments and sales until one year before its scheduled May 31, 2020 dissolution date. The adviser said that without the extension, loan repayments could have forced the fund to liquidate holdings early, and shareholders will not receive liquidating distributions until at least the end of the extended period.
- Reinvestment period now runs until one year before the May 31, 2020 scheduled dissolution date, which remains unchanged.
- The Board of Trustees approved the extension on the recommendation of the adviser, GSO / Blackstone Debt Funds Management LLC.
- Loan repayments across the market totaled 49% of outstanding loans over the last three months, annualized, as of February month end.
- Shareholders will not begin receiving liquidating distributions until at least the end of the extended reinvestment period.