REG - Blackstone Loan Fin - Non-material change to Investment Policy

Blackstone Loan FinancingAnnouncement

10/02/2023 16:15

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RNS Number : 6289P  Blackstone Loan Financing Limited  10 February 2023

10 February 2023

 

Blackstone Loan Financing Limited

(the "Company")

 

Non-material change to Investment Policy

 

The board of directors of the Company (the "Board") announces that Blackstone
Corporate Funding Designated Activity Company ("BCF") has notified the Board
of a proposed change to BCF's investment policy. Under the Company's published
investment policy, which has remained unchanged since inception and is set out
in the most recent Annual Report, it is the intention of the Company that the
investment policies of each of its Substantial Underlying Companies (meaning
underlying companies to which the Company has an exposure of at least 20 per
cent. of its gross assets, and which includes BCF) shall mirror that of the
Company. The Board therefore announces a corresponding change to the Company's
own investment policy.

The proposed change to the investment policy will provide that BCF (or an
underlying company through which it invests) may now also hold minority equity
positions in addition to majority equity positions and /or debt positions in
European and US collateralised loan obligations ("CLOs"), which for the
avoidance of doubt, would all be in Blackstone managed and controlled CLOs.
Accordingly, BCF (or any underlying company through which it invests) may not
be the risk retention provider in respect of certain CLOs in which it comes to
hold a minority equity position (in such circumstances, the risk retention
will be held by another Blackstone affiliated entity in compliance with UK and
European risk retention rules).

Subject to finalisation of the relevant changes, it is expected that the
changes to the investment policy will take effect on or around 24 February
2023 (the "Effective Date").

The Board notes that the expected risk/return profile of the Company's
investments held via BCF will continue to be substantially the same following
the Effective Date and accordingly is of the view that this does not amount to
a material amendment to the Company's existing investment policy.

For the avoidance of doubt, the proposed change described above is not
connected to the shareholder consultation announced on 26 January 2023.

 

Enquiries:

 

 Blackstone Loan Financing Limited                 via BNP Paribas

 Charlotte Valeur, Chair

 BNP Paribas                                       01534 709178 / 813873

 Singer Capital Markets                            020 7496 3000

 James Maxwell / Alaina Wong (Corporate Finance)

 Alan Geeves / Sam Greatrex (Sales)

 Winterflood Investment Trusts                     020 3100 0000

 Neil Langford (Corporate Finance)

 Darren Willis (Sales)

 

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