Business Context and Reporting Period
Blackstone / GSO Secured Lending Fund filed a Current Report on Form 8-K dated January 9, 2019. The filing reports an unregistered sale of common shares and provides a portfolio investment update as of January 8, 2019.
Key Financial and Portfolio Metrics
- Capital drawdown notices covered approximately 5,699,268 common shares at an aggregate offering price of approximately $142 million.
- The sale was expected to close on or around January 24, 2019.
- As of January 8, 2019, the Fund held approximately $598 million of portfolio investments at fair value.
- Approximately 98.9% of portfolio investments were first-lien senior secured loans, including unitranche loans.
- The filing does not provide revenue, net investment income, net income, cash flow, margins, debt balances, liquidity ratios, or comparable-period financial results.
Material Changes, Guidance, and Risks
The filing does not present a prior-period comparison, financial guidance, or management outlook. Investors were required to fund drawdowns under subscription agreements, generally with at least 10 business days’ prior notice, subject to applicable contractual provisions.
The share issuance was conducted pursuant to Section 4(a)(2) of the Securities Act and Regulation D, based in part on investor representations that the purchasers were accredited investors. The Fund stated that it did not engage in general solicitation or offer the securities to the public.
Important Facts to Verify
- Whether the approximately $142 million share issuance closed on or around January 24, 2019 and the final number of shares issued.
- How the capital drawdown proceeds affected portfolio investments, leverage, and liquidity.
- The composition, credit quality, valuation, and concentration of the approximately $598 million investment portfolio.
- Subsequent filings reporting financial performance, debt, distributions, and any changes in the percentage of first-lien senior secured investments.