Mod Note (Andy) - as the year comes to an end we're reposting the top discussions from 2015, this one ranks #33 and was originally posted 6/9/2015.
I’ve been searching info about these guys for a while now.
There are few threads on WSO with some insight, but still pretty limited; best source currently is their website.
I came across some good 2015 overview (focus on Europe) recently that I wanted to share here.
I can provide dates for specific numbers on request.
I'd like to use this thread as an invite for other monkeys with more valuable info, so please feel free to chime in.
Firstly, a breakdown of Blackstone’s principal investing:
BX Principal Investment Business
- An industry leading 20+ year investment record
- Consistent investment management through cycles
- GSO Capital Partners operated as independent business unit within the Blackstone Group
Next, we got overview of the GSO Capital Partners:
GSO Business Overview
- Global footprint with over 250 Employees in New York, London, Dublin and Houston
Next on the list, some points on GSO’s general strategy/considerations:
The GSO Approach
(1) Collaborative and Constructive Capital
- Avoid stakeholder disenfranchisement: Lenders, Management, Equity
(2) Flexibility of Capital
- Credit bias but able to invest across the capital structure in debt or equity
- Function of stakeholder objectives and the appropriate corporate finance
(3) Size and Scale
- Companies, sponsors and banks prefer to face a single counterparty
(4) Patient Capital
- Private Equity style fund structure ensures a longer term Balance Sheet fix and investment time horizon
(5) Comfortable with Cyclicality
- For example, Construction, Cement, Building Products, Steel
- Capital Structure can be designed to withstand short‐term uncertainty
(6) GSO / Blackstone “Endorsement”
- Credibility with Boards of Directors, Lenders, shareholders, suppliers, customers
Unfortunately, I have only a breakdown of European investments:
GSO’s European Investment Footprint
- GSO has invested €9.6 Billion across 205 transactions throughout Europe
And lastly for the end…
List of European Originated Investments
- GSO can provide significant capital investments of €100 – €750m, and is focused on consensual financings or refinancings alongside incumbent stakeholders
Other relevant links/threads:
www.blackstone.com/businesses/aam/credit-(gso)
www.wallstreetoasis.com/forums/blackstone-gso-customized-credit-strategies-interview
www.wallstreetoasis.com/forums/credit-opportunities
Hope some of you monkeys find this useful,
Cheers
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