OBDC · Blue Owl Capital Corporation

Blue Owl Capital Corporation has completed a significant debt offering, issuing $400 million in senior unsecured notes with a 6.450% coupon maturing in September 2028. The transaction, which closed on April 16, 2026, was executed through an underwriting agreement with Morgan Stanley & Co. LLC as representative. The notes represent a strategic refinancing move, with the company explicitly stating it will use the net proceeds to pay down existing indebtedness, including its senior secured revolving credit facility. This revolving facility has $50 million of commitments maturing in August 2027 and remaining commitments maturing in November 2029, with interest rates tied to term SOFR or an alternative base rate plus applicable margins. The indenture governing the notes includes standard covenants for business development companies, requiring compliance with modified Investment Company Act provisions and ongoing financial reporting obligations. A notable protective feature for investors is the change of control repurchase provision, which triggers if both a change of control occurs and the notes receive below investment grade ratings from all three major rating agencies. The company retains optional redemption rights with a pricing mechanism based on Treasury rates plus 45 basis points, providing flexibility in future debt management. This offering strengthens the company's capital structure by extending debt maturity while maintaining compliance with regulatory requirements applicable to registered investment companies.