Blackstone / GSO Closed-End Funds Declare Monthly Distributions

NEW YORK–(BUSINESS WIRE)–GSO / Blackstone Debt Funds Management LLC, an affiliate of GSO Capital
Partners LP (“GSO”), announced monthly distributions for the three
listed closed-end funds it advises, Blackstone / GSO Senior Floating
Rate Term Fund (NYSE: BSL), Blackstone / GSO Long-Short Credit Income
Fund (NYSE: BGX), and Blackstone / GSO Strategic Credit Fund (NYSE: BGB)
(each a “Fund” and together the “Funds”).

The Funds’ monthly distributions are set forth below. The following
dates apply to the distribution declarations for the Funds:

Ex-Date: June 20, 2019
Record Date: June 21, 2019
Payable
Date: June 28, 2019

Ex-Date: July 23, 2019
Record Date: July 24, 2019
Payable
Date: July 31, 2019

Ex-Date: August 22, 2019
Record Date: August 23, 2019
Payable
Date: August 30, 2019

In connection with the Funds’ dynamic distribution strategy, GSO expects
that future distributions will likely differ from, and be more or less
than, those shown above. As a result, shareholders of any Fund should
not expect that Fund to continue to pay distributions in the same
amounts shown above.

In a press release issued by the Funds on November 20, 2018, the Funds
announced a transition in distribution strategy, from a strategy that
sought to maintain Fund distributions at stable levels notwithstanding
increases or decreases in net income to a strategy that is more
reflective of the net income earned by the Funds. After considering
various factors, including those listed below, the Funds’ board of
trustees, based on the recommendation of GSO, determined it would be in
the shareholders’ best interests to transition to a “dynamic”
distribution strategy based on net income actually earned by the Funds.
Previously, each of the Fund’s monthly distributions per share had
generally not varied from month to month, irrespective of any change in
the net income actually earned by the Funds. Currently, the Funds
declare a set of monthly distributions each quarter in amounts closely
tied to the respective Fund’s recent average monthly net income. As a
result, GSO expects that the monthly distribution amounts for the Funds
will vary quarter-to-quarter. While the Funds will continue to seek
competitive distribution amounts over time, the dynamic distribution
strategy provides GSO with greater flexibility to maintain portfolio
credit quality in varying market conditions and allows shareholders to
potentially benefit from the floating rate structure of the Funds’
investments. In addition, the dynamic distribution strategy reduces the
need to retain reserves from net investment income to support the
stability of future distributions.

GSO views the intended benefits of the transition to a dynamic
distribution to include the following:

• Allows for a distribution amount that can better match the
  floating-rate nature of loans, which account for a majority of each
  Fund’s assets
• May result in more of the net income earned by the Funds being
  distributed to shareholders in a more timely, efficient manner
• Allows GSO to be more flexible in changing market conditions, without
  pressure to “reach” for yield, which can result in a portfolio that is
  at greater risk of principal losses

While the Funds hope to realize these intended benefits, there can be no
assurance they will be successful in doing so, and the adoption of this
approach may result in unexpected movements in the Funds’ respective
share prices, with possible implications for the relationship between
the net asset value per Fund share and its market price. The transition
to a dynamic distribution does not alter the Funds’ respective
investment objectives and strategies.

A portion of each distribution may be treated as paid from sources other
than net investment income, including but not limited to short-term
capital gain, long-term capital gain, or return of capital. The final
determination of the source and tax characteristics of these
distributions will depend upon each Fund’s investment experience during
its fiscal year and will be made after the Fund’s year end. Each Fund
will send to investors a Form 1099-DIV for the calendar year that will
define how to report these distributions for federal income tax purposes.

About Blackstone and GSO Capital Partners

Blackstone is one of the world’s leading investment firms. Blackstone
seeks to create positive economic impact and long-term value for its
investors, the companies it invests in, and the communities in which it
works. The firm does this by using extraordinary people and flexible
capital to help companies solve problems. Blackstone’s asset management
businesses, with $512 billion in assets under management as of March 31,
2019, include investment vehicles focused on private equity, real
estate, public debt and equity, non-investment grade credit, real assets
and secondary funds, all on a global basis. Further information is
available at www.blackstone.com.
Follow Blackstone on Twitter @Blackstone.

GSO is part of the global credit investment platform of Blackstone. GSO
is one of the largest alternative managers in the world focused on the
leveraged-finance, or non-investment grade related, marketplace. GSO
seeks to generate attractive risk-adjusted returns in its business by
investing in a broad array of strategies including mezzanine debt,
distressed investing, leveraged loans and other special-situation
strategies. Its funds are major providers of credit for small and
middle-market companies, and it also advances rescue financing to help
distressed companies. Overall, Blackstone’s credit platform, which also
includes Blackstone Insurance Solutions and Harvest Fund Advisors LLC’s
energy MLP business, has assets under management of over $132 billion,
as of March 31, 2019.

Investors wishing to buy or sell shares need to place orders through
an intermediary or broker.

Contact the Funds at 1-877-299-1588 or visit the Funds’ website at www.blackstone-gso.com
for additional information.

Contacts

Blackstone / GSO Closed-End Funds
Jane Lee, 877-876-1121