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Blackstone / GSO Senior Floating Rate Term Fund Declares Special Distribution of $0.10 Per Share

  Blackstone / GSO Senior Floating Rate Term Fund Declares Special
  Distribution of $0.10 Per Share

Business Wire

NEW YORK -- December 19, 2012

Blackstone / GSO Senior Floating Rate Term Fund (the “Fund”) (NYSE: BSL)
announced today a special distribution of $0.10 per common share, payable
January 31, 2013. The Fund anticipates that this distribution will be paid
from long-term capital gains. This distribution is in addition to the Fund’s
regular dividend of $0.11 per common share, which is also payable January 31,
2013 to shareholders of record on December 31, 2012.

The following dates apply to the distribution declared today:

Ex-Date: December 27, 2012
Record Date: December 31, 2012
Payable Date: January 31, 2013
Per Share Amount: $0.10

This distribution is payable in 2013 but will be treated as having been paid
by the Fund and received by shareholders as of December 31, 2012.

The amounts and sources of distributions reported are only estimates and are
not provided for tax reporting purposes. The actual amounts and sources of the
amounts for tax reporting purposes will depend upon the Fund’s investment
experience during the remainder of its fiscal year and may be subject to
changes based on tax regulations. The 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.

Blackstone / GSO Senior Floating Rate Term Fund

The Fund is a non-diversified, closed-end management investment company that
is managed by GSO / Blackstone Debt Funds Management LLC, an affiliate of The
Blackstone Group L.P. (“Blackstone”) and subsidiary of GSO Capital Partners LP
(“GSO”). The Fund’s primary 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/bsl-index.php.

About The Blackstone Group and GSO Capital Partners

Blackstone is one of the world’s leading investment and advisory firms. 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 credit business, Capital, with approximately $54.6
billion of assets under management as of September 30, 2012, 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. Our other alternative asset management businesses
include the management of private equity funds, real estate funds, funds of
hedge funds, and closed-end mutual funds. Blackstone also provides various
financial advisory services, including mergers and acquisitions advisory,
restructuring and reorganization advisory and fund placement services.

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

Blackstone / GSO Senior Floating Rate Term 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 BSL. 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/bsl-index.php for additional information.

Contact:

Blackstone / GSO Senior Floating Rate Term Fund
Jane Lee, 877-876-1121