Blackstone/GSO Loan Financing has published its first set of results covering the period from incorporation, through IPO on 23 July 2014 to the end of December 2014. By the end of the year they were only 32% invested and even now this only up to 51% but they knew it would take time and say they are ahead of schedule. The Company has generated an absolute return on funds invested of -0.73% for the Euro class ordinary shares. The CLO income notes they hold are expected to generate IRRs of 12% to 15%. they have paid a dividend of 2.65 cents and they say they are still targeting a dividend of 2 cents per quarter.
They have published a list of the top ten underlying borrowers – this is headed up by Eircom, Delek Europe, Aamaya and Chryso. The top ten account for less than 20% of the portfolio (and we think they are referring to the invested portfolio excluding cash in this respect).
BGLF : Blackstone/GSO says everything going according to plan