Blue Owl Credit Income Corp.: debt financing — Blue Owl Credit Income Corp. adds $150M of 7.950% notes due 2028; net proceeds ~$148M to pay down revolver

Blue Owl Credit Income Corp.

$150M aggregate principal of 7.950% notes due 2028 issued, same terms as existing $500M series.
Net proceeds ~$147.79M after deducting fees and estimated expenses of ~$850,000.
Proceeds used to repay revolver ($324M outstanding as of July 10, 2023; matures Aug 2027).
Notes rank pari passu with existing unsecured debt; structurally subordinated to ~$3.7B in SPV and CLO debt.
Registration Rights Agreement requires exchange offer or shelf registration by June 13, 2024; additional interest if missed.

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 $150 million aggregate principal amount with SMBC Nikko Securities America, Inc., RBC Capital Markets, LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC at 7.950% maturing June 13, 2028.

Instrument: senior notes
Principal: $150 million aggregate principal amount
Counterparty: SMBC Nikko Securities America, Inc., RBC Capital Markets, LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC
Rate: 7.950%
Maturity: June 13, 2028
Event: incurrence

Exact text from the filing

On July 21, 2023, Blue Owl Credit Income Corp. (f/k/a Owl Rock Core Income Corp.) (the “Company”) completed its previously announced offering of an additional $150 million aggregate principal amount of its 7.950% notes due 2028 (the “Notes”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Blue Owl Credit Income Corp. entered into Purchase Agreement dated July 14, 2023 with SMBC Nikko Securities America, Inc., RBC Capital Markets, LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the several initial purchasers valued at $150 million aggregate principal amount of 7.950% notes due 2028 (effective 2023-07-14).

Action: entry
Agreement: notes offering
Counterparty: SMBC Nikko Securities America, Inc., RBC Capital Markets, LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the several initial purchasers
Value: $150 million aggregate principal amount of 7.950% notes due 2028
Effective: 2023-07-14

Exact text from the filing

On July 21, 2023, Blue Owl Credit Income Corp. (f/k/a Owl Rock Core Income Corp.) (the “Company”) completed its previously announced offering of an additional $150 million aggregate principal amount of its 7.950% notes due 2028 (the “Notes”). The offering was consummated pursuant to the terms of a purchase agreement (the “Purchase Agreement”) dated July 14, 2023 among the Company and Blue Owl Credit Advisors LLC (f/k/a Owl Rock Capital Advisors LLC) (the “Adviser”), on the one hand, and SMBC Nikko Securities America, Inc., RBC Capital Markets, LLC, 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 0001193125-23-191412

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