DEF 14A: Blackstone Funds Announce Joint Annual Meeting of Shareholders to Elect Trustees

Blackstone Senior Floating Rate 2027 Term Fund, Blackstone Long-Short Credit Income Fund, and Blackstone Strategic Credit 2027 Term Fund will hold a Joint Annual Meeting of Shareholders on April 17, 2024, to elect trustees.

Summary

• Blackstone Senior Floating Rate 2027 Term Fund (BSL), Blackstone Long-Short Credit Income Fund (BGX), and Blackstone Strategic Credit 2027 Term Fund (BGB) will hold a Joint Annual Meeting of Shareholders on April 17, 2024.
• The meeting will be held via telephone conference call.
• Shareholders will vote to elect two trustees for each fund.
• The record date for determining shareholders eligible to vote is February 16, 2024.
• Shareholders must email shareholdermeetings@computershare.com by April 12, 2024, to participate in the meeting and receive dial-in information.
• As of the record date, there were 13,008,542 BSL Common Shares, 12,708,275 BGX Common Shares, 44,664,382 BGB Common Shares, and 45,000 BGB Preferred Shares outstanding.
• The Boards of Trustees unanimously recommend that shareholders vote for the election of the Funds' nominees.

Sentiment

Score: 7

Explanation: The document is a standard proxy statement, indicating a neutral to slightly positive sentiment as it reflects the ongoing governance and operations of the funds.

Positives

• The meeting is being held via telephone conference call to provide a convenient experience for shareholders.
• The Boards of Trustees unanimously recommend that shareholders vote for the election of the Funds' nominees.
• The Audit Committee has reviewed the audited financial statements for the fiscal year ended December 31, 2023, and recommends their inclusion in the Funds' Annual Report.
• The Nominating and Governance Committee is comprised of independent members.

Negatives

• The meeting will be held as a telephone conference call meeting at which no one will be allowed to attend in person.
• Shareholders must register in advance to attend the meeting by emailing shareholdermeetings@computershare.com no later than 5:00 p.m. Eastern Time on April 12, 2024.

Risks

• The Control Share Statute limits the ability of holders of control beneficial interests to vote their shares above certain threshold levels unless other shareholders vote to reinstate those rights.
• The Board of Trustees believes that not all risks that may affect the Funds can be identified, and that it may not be practical or cost-effective to eliminate or mitigate certain risks.

Future Outlook

The document outlines the process for the upcoming Joint Annual Meeting of Shareholders and provides information related to the election of trustees.

Management Comments

• Robert Zable, Chairman, President and Chief Executive Officer, stated that the meeting will be held as a telephone conference call to provide a convenient experience for shareholders.

Industry Context

This type of proxy statement is standard practice for registered investment companies to ensure shareholder participation in corporate governance matters, specifically the election of trustees.

Comparison to Industry Standards

• The structure and content of this proxy statement are consistent with industry standards for closed-end funds.
• The disclosure of trustee compensation and beneficial ownership aligns with regulatory requirements.
• The process for shareholder nominations and communications is typical for publicly traded funds.

Management Changes

Corporate Governance

Stakeholder Impact

• Shareholders have the opportunity to vote on the election of trustees, influencing the governance of the funds.
• The election of qualified trustees is intended to benefit shareholders by ensuring effective oversight of the funds.
• The disclosure of trustee compensation and ownership aligns with regulatory requirements, promoting transparency for shareholders.

Next Steps

• Shareholders should review the proxy statement and vote on the election of trustees.
• Shareholders who wish to participate in the meeting should email shareholdermeetings@computershare.com by April 12, 2024.
• The Funds will hold the Joint Annual Meeting of Shareholders on April 17, 2024.

Key Dates

Keywords

Trustees, Shareholders, Meeting, Blackstone, Funds, Election, Proxy