Blue Owl Credit Income Corp.: debt financing — Owl Rock Core Income Corp. issues $500M 7.950% notes due 2028, net proceeds ~$490.9M to repay credit facilities

Blue Owl Credit Income Corp.

$500M aggregate principal of 7.950% notes due June 13, 2028; interest payable semi-annually.
Net proceeds of ~$490.92M after underwriter fees and expenses of ~$0.85M.
Proceeds to reduce outstanding Revolver ($541M) and SPV Asset Facility I ($550M).
Notes are unsecured, rank pari passu with existing unsecured notes and effectively junior to secured debt.
Registration rights agreement requires exchange offer filing within 365 days.

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 senior notes of $500 million with RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC at 7.950% maturing June 13, 2028.

Instrument: senior notes
Principal: $500 million
Counterparty: RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC
Rate: 7.950%
Maturity: June 13, 2028
Event: incurrence

Exact text from the filing

completed its previously announced offering of $500 million aggregate principal amount of its 7.950% notes due 2028

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Blue Owl Credit Income Corp. entered into Purchase Agreement dated June 6, 2023 with RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc., Truist Securities, Inc., and Wells Fargo Securities, LLC, as representatives of the several initial purchasers valued at $500 million aggregate principal amount of 7.950% notes due 2028 (effective 2023-06-06).

Action: entry
Agreement: notes offering
Counterparty: RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc., Truist Securities, Inc., and Wells Fargo Securities, LLC, as representatives of the several initial purchasers
Value: $500 million aggregate principal amount of 7.950% notes due 2028
Effective: 2023-06-06

Exact text from the filing

The offering was consummated pursuant to the terms of a purchase agreement (the “Purchase Agreement”) dated June 6, 2023 among the Company and Owl Rock Capital Advisors LLC (the “Adviser”), on the one hand, and RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the several initial purchasers listed on Schedule 1 thereto (the “Initial Purchasers”), on the other hand.

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Source: SEC EDGAR

accession 0001193125-23-166894

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