Blackstone/GSO Short Duration High Yield Fund registers initial shares

By Toni Weeks

San Diego, March 9 - The Blackstone/GSO Short Duration High Yield Fund registered 50,000 shares in an N-2 filing with the Securities and Exchange Commission.

The new fund will offer the shares at $20 each for a proposed maximum offering of $1 million. There will be a greenshoe.

The shares will be listed on the New York Stock Exchange. The ticker symbol has not yet been determined.

The fund will seek high current income with capital appreciation as a secondary objective by investing in high-yield fixed-income instruments rated below investment-grade or of comparable quality.

Under normal conditions, the fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in high-yield fixed income instruments with varying maturities and other investments with similar economic characteristics. It will seek to maintain a weighted average portfolio duration, including the effects of leverage, of three years or less and a weighted average portfolio maturity of five years or less.

The portfolio management team will include Daniel H. Smith Jr., Lee M. Shaiman, James M. Didden Jr. and Robert Zable.

The sales load will be 4.5%, or $0.90 per share. Management fees and annual operating expenses have not yet been disclosed.

New York-based GSO/Blackstone Debt Funds Management LLC is the investment adviser.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.