secwatch / observer
8-K filed May 26, 2023, 7:59 PM ET CIK 0001812554
debt confidence high sentiment neutral materiality 0.60

Blue Owl Credit Income Corp.: debt financing — Owl Rock Core Income Corp. completes $395.82M CLO securitization

Blue Owl Credit Income Corp.

item 1.01item 2.03item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Blue Owl Credit Income Corp. incurred loan of $152.5 million of AAA(sf) Class A-1T Notes, $25.5 million of AAA(sf) Class A-1F Notes, $32 million of AA(sf) Class B Not with SMBC Nikko Securities America, Inc. at three-month term SOFR plus 2.50%, 6.10%, three-month term SOFR plus 3.60% maturing May 15, 2035.

Instrument
loan
Principal
$152.5 million of AAA(sf) Class A-1T Notes, $25.5 million of AAA(sf) Class A-1F Notes, $32 million of AA(sf) Class B Not
Counterparty
SMBC Nikko Securities America, Inc.
Rate
three-month term SOFR plus 2.50%, 6.10%, three-month term SOFR plus 3.60%
Maturity
May 15, 2035
Event
incurrence
Exact text from the filing
shares pursuant to an indenture and security agreement dated as of the Closing Date (the “Indenture”), by and among the Issuer and State Street Bank and Trust Company: (i) $152.5 million of AAA(sf) Class A-1T Notes, which bear interest at three-month term SOFR plus 2.50%, (ii) $25.5 million of AAA(sf) Class A-1F Notes, which bear interest at 6.10% and (iii) $32
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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Blue Owl Credit Income Corp. incurred term loan of $50 million under floating rate Class A-1L loans with various financial institutions, and State Street Bank and Trust Company at three-month term SOFR plus 2.50% maturing May 15, 2035.

Instrument
term loan
Principal
$50 million under floating rate Class A-1L loans
Counterparty
various financial institutions, and State Street Bank and Trust Company
Rate
three-month term SOFR plus 2.50%
Maturity
May 15, 2035
Event
incurrence
Exact text from the filing
borrowing by the Issuer of $50 million under floating rate Class A-1L loans (the "Class A-1L Loans" and together with the Secured Notes, the "Debt").
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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Blue Owl Credit Income Corp. entered into Core Income Funding IV Loan Sale Agreement with Core Income Funding IV LLC valued at approximately $260.584 million (effective 2023-05-24).

Action
entry
Agreement
asset purchase
Counterparty
Core Income Funding IV LLC
Value
approximately $260.584 million
Effective
2023-05-24
Exact text from the filing
additional loan sale agreement executed on the Closing Date between the Issuer and Core Income Funding IV LLC (the “Core Income Funding IV Loan Sale Agreement”)
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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Blue Owl Credit Income Corp. entered into A-1L Loan Agreement with various financial institutions, and State Street Bank and Trust Company valued at $50 million (effective 2023-05-24).

Action
entry
Agreement
credit facility
Counterparty
various financial institutions, and State Street Bank and Trust Company
Value
$50 million
Effective
2023-05-24
Exact text from the filing
The Class A-1L Loans were borrowed under a loan agreement (the “A-1L Loan Agreement”), dated as of the Closing Date, by and among the Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent.
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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Blue Owl Credit Income Corp. entered into ORCIC Loan Sale Agreement with Owl Rock CLO XI, LLC valued at approximately $96.434 million (effective 2023-05-24).

Action
entry
Agreement
asset purchase
Counterparty
Owl Rock CLO XI, LLC
Value
approximately $96.434 million
Effective
2023-05-24
Exact text from the filing
the Company entered into a loan sale agreement with the Issuer dated as of the Closing Date (the “ORCIC Loan Sale Agreement”), which provided for the contribution of approximately $96.434 million funded par amount of middle market loans from the Company to the Issuer on the Closing Date
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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Blue Owl Credit Income Corp. entered into Indenture and Security Agreement with State Street Bank and Trust Company valued at $395.82 million (effective 2023-05-24).

Action
entry
Agreement
credit facility
Counterparty
State Street Bank and Trust Company
Value
$395.82 million
Effective
2023-05-24
Exact text from the filing
The CLO Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Closing Date (the “Indenture”), by and among the Issuer and State Street Bank and Trust Company: (i) $152.5 million of AAA(sf) Class A-1T Notes, which bear interest at three-month term SOFR plus 2.50%, (ii) $25.5 million of AAA(sf) Class A-1F Notes, which bear interest at 6.10% and (iii) $32 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.60% (together, the “Secured Notes”) and (B) the borrowing by the Issuer of $50 million under floating rate Class A-1L loans (the “Class A-1L Loans” and together with the Secured Notes, the “Debt”).
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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Blue Owl Credit Income Corp. entered into Collateral Management Agreement with Owl Rock Capital Advisors LLC (effective 2023-05-24).

Action
entry
Counterparty
Owl Rock Capital Advisors LLC
Effective
2023-05-24
Exact text from the filing
ORCA will serve as collateral manager for the Issuer under a collateral management agreement dated as of the Closing Date (the “Collateral Management Agreement”).
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Source: SEC EDGAR
accession 0001193125-23-155556
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