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Singer Capital Markets is delighted to have acted as sole Financial Adviser and Broker to Blackstone Loan Financing Limited (BGLF) in respect of the sale of its investment portfolio to an acquisition vehicle owned by vehicles managed and/or advised by Blackstone. Morgan Stanley & Co International acted as Financial Adviser to Blackstone.
The transaction, which the Board of BGLF considered should be subject to shareholder approval in the interests of good governance, resulted in the acceleration and fulfilment of BGLF’s existing managed wind-down process generating gross cash proceeds of approximately €304 million for BGLF on completion. The gross proceeds from the transaction, inclusive of cash already received by BGLF shareholders since the managed wind-down was approved in September 2023, represented more than 130% of the last reported mark-to-market net asset value (NAV) at the time the managed wind-down was approved, and enabled shareholders to receive cash at a substantially earlier stage, at a modest discount to the prevailing mark-to-market NAV.
BGLF was established in 2014 as a Jersey domiciled closed-ended investment company whose shares were admitted to the premium segment on the LSE’s main market until it was delisted in January 2025 shortly following completion of the transaction. Its investment objective was to provide shareholders with stable and growing income returns and to grow the capital value of the investment portfolio by exposure to floating rate senior secured loans and bonds directly and indirectly through CLO securities and investments in loan warehouses. Since September 2023, BGLF amended its investment policy to realise its investment portfolio in an orderly manner.
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