LONDON - Blackstone (NYSE:BX) Loan Financing Limited (BGLF), a structured finance company, has announced a conditional agreement for the sale of its Profit Participating Notes (PPNs) for approximately €304 million. The sale involves PPNs issued by Blackstone Corporate Funding DAC and held by a fully-owned subsidiary, to an acquisition vehicle affiliated with Blackstone Alternative Credit Advisors LP.
The transaction, pending shareholder approval and other conditions, is expected to expedite and fulfill BGLF's ongoing Managed Wind-down process. Following the completion of the deal, the company aims to distribute the majority of its net assets, including the transaction proceeds, to shareholders through a third compulsory redemption of shares.
A circular detailing the proposals and seeking shareholder consent has been published today. It outlines the steps for a Summary Winding-up under the Companies (Jersey) Law 1991, post-transaction completion. Shareholders are encouraged to vote in favor of both the ordinary and special resolutions concerning the transaction and the company's winding-up at the upcoming Extraordinary General Meetings (EGMs).
The expected timeline includes the publication of the circular on December 4, 2024, the payment of the Q3 2024 dividend on December 6, and the completion of the proposed transaction by December 31, 2024. The first EGM is scheduled for December 19, 2024, with the second EGM set for January 15, 2025, subject to potential changes.
The company will proceed with the Summary Winding-up and the third redemption payment to shareholders, anticipated by February 4, 2025, contingent upon the necessary approvals and regulatory consents.
This strategic move is part of BGLF's broader efforts to manage its wind-down effectively and maximize shareholder returns. The information is based on a press release statement from Blackstone Loan Financing Limited.
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