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Blackstone / GSO Strategic Credit Fund Declares Initial Monthly Distribution of $0.117 Per Share

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NEW YORK--(BUSINESS WIRE)--

Blackstone / GSO Strategic Credit Fund (the “Fund”) (NYSE: BGB) announced the declaration of its initial monthly dividend of $0.117 per common share, payable on the date noted below. Based on the Fund's initial public offering price of $20.00 per share, the distribution represents an annualized yield of 7.0%. Based on current projections through the payable date, the Fund expects that this distribution will be comprised of net interest income.

Going forward, it is anticipated that the Fund will declare monthly distributions in three month increments. The monthly dividends for December, January, and February are expected to be declared on or about November 30, 2012.

The following dates apply to the distribution declared:

Ex-Date: November 15, 2012
Record Date: November 19, 2012
Payable Date: November 30, 2012
Per Share Amount: $0.117

“We are pleased to report that as of the date of this statement, we have invested approximately 80% of the Fund's capital. We are currently positioning the portfolio to be weighted 70% in secured loans and 30% in high yield bonds based on our current view of the relative values presented between the two asset classes. The Fund's investment strategy allows for full flexibility in allocating between secured loans and high yield bonds and we believe this uniquely provides opportunities for yield as well as preservation of capital as we look to achieve dividends within the range targeted at the time of the Fund's initial public offering,” said Lee Shaiman, Managing Director of GSO / Blackstone and lead portfolio manager of the Fund.

Blackstone / GSO Strategic Credit Fund

The Fund is a non-diversified, closed-end management investment company that is managed by GSO / Blackstone Debt Funds Management LLC, a subsidiary of The Blackstone Group L.P. and GSO Capital Partners LP. The Fund's primary investment objective is to seek high current income, with a secondary objective to seek preservation of capital, consistent with its primary goal of high current income. There can be no assurance the Fund will achieve its investment objectives. Additional information is available at www.blackstone-gso.com/bgb.

About The Blackstone Group and GSO Capital Partners

Blackstone is one of the world's leading investment and advisory firms with total assets under management of $205 billion. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-oriented funds and closed-end funds. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services.

Blackstone's credit business, GSO Capital Partners LP, with over $55 billion of assets under management, is one of the largest credit-oriented alternative asset managers in the world and a major participant in leveraged finance. GSO specializes in collateralized loan obligation vehicles (CLOs) and credit-oriented funds, which include leveraged loans, special situations, mezzanine, distressed, secondary market and rescue financing credit strategies.

Further information is available at www.blackstone.com. Follow us on Twitter @Blackstone.

Blackstone / GSO Strategic Credit Fund is a closed-end fund and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since its initial public offering, the Fund has traded on the New York Stock Exchange under the symbol BGB. Investors wishing to buy or sell shares need to place orders through an intermediary or broker.

Contact the Fund at 1-877-299-1588 or visit the Fund's website at www.blackstone-gso.com/bgb for additional information.

Blackstone / GSO Strategic Credit Fund
Jane Lee, 877-876-1121

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