Untitled - Irish Stock Exchange

EXECUTIVE SUMMARY
This Executive Summary is qualified in its entirety by reference to the additional information and
documents included or referred to in this Offering Circular. See "Risk Factors" beginning on page 22 in this
Offering Circular for a discussion of certain factors that should be considered in connection with an investment in
the Notes. The definitions of certain capitalized terms can be found in "Description of the Notes," and an index of
defined terms appears at the back of this Offering Circular.
Overview of the Issuer
BlackRock Senior Income Series III plc, a limited liability public company organized and existing under
the laws of the Republic of Ireland (the "Fund" or the "Issuer"), will invest in, and actively manage (by engaging
the Investment Manager (as defined below) under the Investment Management Agreement), a diverse portfolio of
primarily below investment grade debt obligations and, to a lesser extent, equity investments (collectively, the
"Fund Investments"). The Issuer is expected to have a minimum of $309,200,000 million in committed financing.
BlackRock Financial Management, Inc. (the "Investment Manager" and, together with BlackRock, Inc.
and its subsidiaries, "BlackRock") will serve as the investment manager of the Issuer. The Investment Manager will
be responsible for the overall investment strategy regarding all Fund Investments. The Investment Manager will also
provide risk management, portfolio administration and other administrative services to the Issuer. The Investment
Manager is a registered investment adviser under the Investment Advisers Act of 1940, as amended.
The Issuer will invest primarily in the following asset groups:
bank loans, including purchases of, assignments of, participations in and other interests in senior
secured debt, including term loans and other similar loans and investments ("Bank Loans");
public high yield debt securities and Rule 144A high yield debt instruments ("High Yield Debt");
mezzanine investments, including debt and preferred equity securities ("Mezzanine Investments");
and
other equity securities (whether public or private) and non-performing debt obligations ("Special
Situations").
Each of Bank Loans, High Yield Debt, Mezzanine Investments and Special Situations is herein referred to
as an "Asset Group" and, collectively, as the "Asset Groups."
The Issuer believes it is well positioned to maximize returns from these Asset Groups due to:
the investment experience and capabilities of BlackRock, a leading manager of fixed income and
equity assets and provider of risk management services;
the ability to source potential Fund Investments across these Asset Groups by utilizing the
relationships and industry contacts of BlackRock;
BlackRock's extensive credit research capabilities;
an emphasis on risk management, utilizing BlackRock's proprietary analytical systems and risk
management technology; and
a flexible capital structure designed to facilitate an opportunistic investment strategy.