Blue Owl Capital Corp III: debt financing — Blue Owl Capital Corp III closes $397.3M CLO transaction with notes and preferred shares

Blue Owl Capital Corp III

Issued $203M AAA(sf) Class A Notes at SOFR+2.40%, $32M AA(sf) Class B Notes at SOFR+3.25%, and $25M Class A-L Loans at SOFR+2.40%.
$137.3M preferred shares issued at $1,000 each; company purchased all shares as retention holder.
Debt matures October 20, 2035; proceeds used for general corporate purposes.
Adviser may reinvest proceeds to buy additional middle market loans through October 2027.

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 Capital Corp III incurred debt of $397.3 million with State Street Bank and Trust Company at three-month term SOFR plus 2.40% maturing October 20, 2035.

Principal: $397.3 million
Counterparty: State Street Bank and Trust Company
Rate: three-month term SOFR plus 2.40%
Maturity: October 20, 2035
Event: incurrence

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) $203 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.40% and (ii) $32 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.25% (together, the “Secured Notes”) and (B) the borrowing by the Issuer of $25 million under floating rate Class A-L loans (the “Class A-L Loans” and together with the Secured Notes, the “Debt”).

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Source: SEC EDGAR

accession 0001193125-23-283379

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