Blackstone Secured Lending Fund current report, 30 June 2020

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Blackstone / GSO Secured Lending Fund — Form 8-K Summary

Business Context and Reporting Period

The Fund filed a Current Report on Form 8-K for an event occurring on or about June 30, 2020. The filing reports an unregistered sale of common shares under existing subscription agreements. The report was signed on July 2, 2020.

Key Transaction and Financial Metrics

  • Approximately 5,299,649 common shares were subject to capital drawdown notices.
  • The aggregate offering price was approximately $125.6 million.
  • The offering price was based on an estimated net asset value of $23.70 per share.
  • The estimated NAV per share was subject to change; the final NAV would be determined by the Fund’s Board of Trustees.
  • The expected closing date was on or around July 15, 2020.
  • The filing does not provide revenue, profit, cash flow, operating margin, debt, liquidity, or other performance metrics.

Material Changes Versus the Prior Comparable Period

The filing does not provide comparative financial statements or a prior-period analysis. The material event disclosed is the planned issuance of approximately $125.6 million of common equity pursuant to investor capital commitments.

Guidance, Outlook, Risks, Contingencies, and Unusual Items

  • Investors are required to fund drawdowns up to their respective capital commitments on an as-needed basis, generally with at least 10 business days’ notice, unless a shorter period is agreed in the applicable subscription agreement.
  • The final NAV per share and offering amount may differ from the estimates disclosed.
  • 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 each investor was an accredited investor. No general solicitation or public offering was conducted.

Important Facts for Investors to Verify

  1. Whether the share issuance closed on or around July 15, 2020.
  2. The final NAV per share approved by the Board of Trustees.
  3. The final number of shares issued and aggregate proceeds received.
  4. The effect of the equity issuance on NAV, capital availability, leverage, and future investment capacity.
  5. Whether any investors failed to fund their commitments or whether the transaction terms changed.