Blackstone / GSO Senior Floating Rate Term Fund (NYSE: BSL) and Blackstone / GSO Long-Short Credit Income Fund (NYSE: BGX) (each a "Fund" and, together, the "Funds") today announced that John R. O'Neill has resigned as a trustee of each Fund, effective January 5, 2012. Mr. O'Neill is resigning to pursue a potentially conflicting business opportunity. Mr. O'Neill's resignation was not due to any disagreement with either of the Funds on any matter relating to the Funds' operations, policies or practices. Mr. O'Neill also served as chairman of each Fund's audit committee. The Boards of Trustees of the Funds expect to fill the resulting vacancy shortly.

Blackstone / GSO Senior Floating Rate Term Fund

The Fund is a non-diversified, closed-end management investment company that is managed by GSO / Blackstone Debt Funds Management LLC, an affiliate of The Blackstone Group L.P. ("Blackstone") and GSO Capital Partners LP ("GSO"). The Fund's primary 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/bsl-index.php.

Blackstone / GSO Long-Short Credit Income Fund

The Fund is a non-diversified, closed-end management investment company that is managed by GSO / Blackstone Debt Funds Management LLC, an affiliate of Blackstone and GSO. The Fund's primary objective is to provide current income, with a secondary objective of capital appreciation. There can be no assurance the Fund will achieve its investment objectives. Additional information is available at www.blackstone-gso.com/bgx-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 $33.6 billion of assets under management as of September 30, 2011, 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. The Blackstone Group also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com.

Contact the Funds at 1-877-876-1121 or visit the Funds' website at www.blackstone-gso.com for additional information.

Blackstone / GSO Senior Floating Rate Term Fund and Blackstone / GSO Long-Short Credit Income Fund are closed-end funds and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since their initial public offerings, the Funds have traded on the New York Stock Exchange under the symbol BSL and BGX, respectively. Investors wishing to buy or sell shares need to place orders through an intermediary or broker.

Blackstone / GSO Senior Floating Rate Term Fund
Jane Lee, 877-876-1121