Blackstone raises $834.8m for new listed debt fund

GSO Strategic Credit Fund started trading in New York on Wednesday (NYSE:BGB).

The fund raised $834.8m in its initial offering and could attract up to $960m should  the underwriters exercise their overallotment options. The underwriting syndicate comprises Morgan Stanley, Citigroup, Bank of America Merrill Lynch, UBS Investment Bank and Wells Fargo Securities.

The fund will invest in sub-investment grade corporate debt. It is the third closed-ended fund of its kind for Blackstone; GSO Senior Floating Rate Term Fund (BSL) and GSO Dynamic Credit Income Fund (BGX) are also traded on the New York Stock Exchange.

The fund is managed by senior managing director Dan Smith.

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