Business Context and Reporting Period
Blackstone / GSO Secured Lending Fund filed a Form 8-K reporting an unregistered equity issuance event dated March 25, 2020. The filing was signed on March 31, 2020. The filing does not provide quarterly or annual operating results.
Key Financial and Capital Markets Information
- The Fund delivered capital drawdown notices for approximately 14,518,212 common shares.
- The aggregate offering price is approximately $324.0 million.
- The sale was expected to close on or around April 8, 2020.
- Investors are required to fund drawdowns on an as-needed basis up to their respective capital commitments.
- The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, net asset value, or other operating metrics.
Material Changes Versus the Prior Comparable Period
The filing does not present comparative-period financial information. The material disclosed change is the planned issuance of approximately $324.0 million of equity through investor capital drawdowns.
Guidance, Outlook, Risks, Contingencies, and Unusual Items
- The transaction is being conducted under subscription agreements, generally requiring at least 10 business days’ prior notice, unless a shorter period is agreed with an investor.
- The issuance is intended to qualify for an exemption from Securities Act registration under Section 4(a)(2) and Regulation D.
- The Fund relied in part on investor representations that the investors were accredited investors. No general solicitation or public offering was conducted.
- The filing does not provide management guidance, an investment outlook, operating risks, or transaction contingencies beyond the expected closing date and subscription terms.
Investor Verification Items
- Verify the final closing date and the number of shares actually issued.
- Verify the final proceeds received and the effect on the Fund’s capital base and liquidity.
- Review the applicable subscription agreements for investor funding obligations and notice provisions.
- Confirm the legal exemption and investor eligibility supporting the unregistered issuance.