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

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

Business Wire

NEW YORK -- February 27, 2013

Blackstone / GSO Strategic Credit Fund (the “Fund”) (NYSE: BGB) announced the
declaration of monthly distributions of $0.117 per common share, payable on
the dates noted below. Based on the Fund’s initial public offering price of
$20.00 per share and current share price of $19.47 (as of its close on
February 26, 2013), the distributions represent an annualized yield of 7.02%
and 7.21% respectively. As of February 26^th, the Fund had drawn $350 million
from its credit facility, equating to leverage of 29% based on Managed Assets.

The following dates apply to the distributions declared:

Ex-Date: March 14, 2013
Record Date: March 18, 2013
Payable Date: March 28, 2013
Per Share Amount: $0.117

Ex-Date: April 17, 2013
Record Date: April 19, 2013
Payable Date: April 30, 2013
Per Share Amount: $0.117

Ex-Date: May 15, 2013
Record Date: May 17, 2013
Payable Date: May 31, 2013
Per Share Amount: $0.117

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 of these distributions will be made after the Fund’s year end.

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 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 subsidiary of 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-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, GSO Capital Partners LP, with
approximately $56.4 billion of assets under management as of December 31,
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 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-index.php for additional information.

Contact:

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