BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc. announced the successful pricing of the initial public offering of its common shares.  The Fund is offering 2,652,001 shares at an initial price of $100 a share, resulting in gross proceeds of $265,200,100. The offering is expected to close on August 30, 2019, subject to customary closing conditions.

The Fund seeks to provide total return consisting of high current income and capital appreciation. The Fund is not publicly-traded and has a limited term of six years, subject to a one year extension by the Fund's Board of Directors.  BNY Mellon Investment Adviser, Inc. ("BNYM Investment Adviser") serves as the investment manager of the Fund and Alcentra NY, LLC ("Alcentra") serves as the Fund's sub-investment adviser.1 The Fund is managed by Vijay Rajguru, Global Chief Investment Officer at Alcentra, Leland Hart, Head of U.S. Loans and High Yield at Alcentra, Chris Barris, Global Head of High Yield and Deputy Chief Investment Officer at Alcentra, Kevin Cronk, CFA, Head of U.S. Credit Research at Alcentra, Hiram Hamilton, Global Head of Structured Credit at Alcentra, and Suhail Shaikh, Head of U.S. Direct Lending at Alcentra.

"It's a challenging time right now in the markets for investors with a slowing global economy and a low interest rate environment with investors on the lookout for yield," said Andy Provencher, Head of North America Distribution, BNY Mellon Investment Management. "BNY Mellon Alcentra Global Multi-Strategy Credit Fund seeks to provide investors with access to credit strategies typically available to institutions and the potential for increased yield, and Alcentra is a leading global manager in debt markets recognized for its expertise managing a global credit platform."

The Fund normally will invest at least 80% of its managed assets in credit instruments and other investments with similar economic characteristics, including:  first and second lien senior secured loans, as well as investments in participations and assignments of such loans; senior unsecured, mezzanine and other collateralized and uncollateralized subordinated loans; unitranche loans; corporate debt obligations other than loans; and structured products, including collateralized bond, loan and other debt obligations, structured notes and credit-linked notes.  The Fund's assets will be allocated to certain credit strategies, focusing on (i) senior secured loans; (ii) direct lending and subordinated loans; (iii), special situations; (iv) structured credit; and (v) corporate debt. The Fund expects to invest a substantial portion of its managed assets, and may invest without limit, in credit instruments that, at the time of investment, are rated below investment grade (i.e., below BBB- or Baa3), or, if unrated, determined to be of comparable quality by Alcentra.