The Blackstone Group has completed the initial public offering of Blackstone/GSO Senior Floating Rate Term Fund.

The fund's primary investment objective is to seek high current income with a secondary objective of preservation of capital, consistent with its primary goal of high current income.

The fund issued USD280m in its common share offering, excluding the underwriters' option to purchase additional shares.

GSO/Blackstone Debt Funds Management, a subsidiary of The Blackstone Group, is the fund's investment adviser. The lead managers of the common share underwriting syndicate were Morgan Stanley, Citi, BofA Merrill Lynch, UBS Investment Bank, and Wells Fargo Securities.

"We believe that where we are today in the credit cycle offers investors an attractive entry point for investing in floating rate senior secured loans" says Dan Smith, senior managing director, GSO/Blackstone. "We are pleased to be able to provide income oriented investors access to this almost USD1.6trn market in a fund overseen by GSO/Blackstone's experienced portfolio management and credit research team."