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Blackstone / GSO Strategic Credit Fund Declares Initial Monthly Distribution Of $0.117 Per Share

Blackstone / GSO Strategic Credit Fund (the “Fund”) (NYSE: BGB) announced the declaration of monthly distributions of $0.117 per common share, payable on the dates noted below. Based on the Fund’s initial public offering price of $20.00 per share and current share price of $19.12 (as of its close on November 29, 2012), the distributions represent an annualized yield of 7.02% and 7.34% respectively.

The following dates apply to the distributions declared:

Ex-Date: December 14, 2012Record Date: December 18, 2012Payable Date: December 31, 2012Per Share Amount: $0.117

Ex-Date: January 16, 2013Record Date: January 18, 2013Payable Date: January 31, 2013Per Share Amount: $0.117

Ex-Date: February 13, 2013Record Date: February 15, 2013Payable Date: February 28, 2013Per Share Amount: $0.117

A portion of each distribution may be treated as paid from sources other than net investment income, including but not limited to short-term capital gain, long-term capital gain or return of capital. The final determination of the source of these distributions will be made after the Fund’s year end.

The amounts and sources of distributions reported are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send to investors, a Form 1099-DIV for the calendar year that will define how to report these distributions for federal income tax purposes.

Blackstone / GSO Strategic Credit Fund

The Fund is a non-diversified, closed-end management investment company that is managed by GSO / Blackstone Debt Funds Management LLC, a subsidiary of The Blackstone Group L.P. and subsidiary of GSO Capital Partners LP. The Fund’s primary investment objective is to seek high current income, with a secondary objective to seek preservation of capital, consistent with its primary goal of high current income. There can be no assurance the Fund will achieve its investment objectives. Additional information is available at www.blackstone-gso.com/bgb-index.php.

About The Blackstone Group and GSO Capital Partners

Blackstone is one of the world’s leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our credit business, GSO Capital Partners LP, with approximately $54.6 billion of assets under management as of September 30, 2012, is one of the largest credit-oriented alternative asset managers in the world and a major participant in leveraged finance. GSO specializes in collateralized loan obligation vehicles (CLOs) and credit-oriented funds, which include leveraged loans, special situations, mezzanine, distressed, secondary market and rescue financing credit strategies. Our other alternative asset management businesses include the management of private equity funds, real estate funds, funds of hedge funds, and closed-end mutual funds. Blackstone also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services.

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