DEF 14A: Blackstone Strategic Credit Funds Announce Joint Annual Meeting of Shareholders

Blackstone Strategic Credit 2027 Term Fund, Blackstone Long-Short Credit Income Fund, and Blackstone Senior Floating Rate 2027 Term Fund will hold a joint annual meeting of shareholders via telephone conference call 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, 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.
• To participate in the meeting, shareholders must register by emailing shareholdermeetings@computershare.com by April 12, 2024.
• The proxy statement and accompanying materials were mailed to shareholders on or about March 5, 2024.
• 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.

Sentiment

Score: 7

Explanation: The document is a standard proxy statement, which is generally neutral in tone. The information is presented clearly and professionally, indicating a well-managed process.

Positives

• The meeting is being held via telephone conference call to provide a convenient experience for shareholders.
• Shareholders have the right to revoke their proxy at any time prior to its exercise.
• The Boards of Trustees are composed of experienced professionals with diverse backgrounds.
• The Audit Committee and Nominating and Governance Committee are comprised of independent trustees.

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.

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 risk management oversight is subject to substantial limitations.
• Reports received by the Trustees as to risk management matters may be summaries of relevant information and may be inaccurate or incomplete.

Future Outlook

The document outlines the process for the upcoming shareholder meeting and provides information necessary for shareholders to participate and vote on the election of trustees.

Management Comments

• Robert Zable's appointment as Chairman reflects each Board of Trustees belief that his experience, familiarity with the relevant Funds day-to-day operations and access to individuals with responsibility for the relevant Funds management and operations provides each Board of Trustees with insight into the relevant Funds business and activities and, with his access to appropriate administrative support, facilitates the efficient development of meeting agendas that address the relevant Funds business, legal and other needs and the orderly conduct of board meetings.

Industry Context

This announcement is typical for publicly traded closed-end funds, ensuring compliance with SEC regulations and providing shareholders with the opportunity to participate in corporate governance through the election of trustees.

Comparison to Industry Standards

• The structure of the Board of Trustees, with a mix of interested and independent trustees, is common among closed-end funds.
• The use of an independent proxy solicitor (Computershare) is standard practice to ensure a fair and efficient voting process.
• The disclosure of trustee compensation and potential conflicts of interest aligns with industry best practices for transparency.

Management Changes

Stakeholder Impact

• Shareholders have the opportunity to elect trustees who will oversee the management of the Funds.
• The outcome of the trustee elections could potentially impact the Funds' investment strategies and performance.
• The meeting provides a forum for shareholders to engage with management and express their views.

Next Steps

• Shareholders should review the proxy statement and vote on the election of trustees.
• Shareholders who wish to participate in the meeting should register by the specified deadline.
• The Funds will hold the Joint Annual Meeting of Shareholders on April 17, 2024.

Key Dates

Keywords

shareholders meeting, trustee election, proxy statement, Blackstone, closed-end funds, corporate governance