Blue Owl Credit Income Corp.: debt financing — Blue Owl Credit Income Corp. issues $750M of 6.650% Notes due 2031, net proceeds ~$728.9M to repay revolver

Blue Owl Credit Income Corp.

Issued $750M aggregate principal of 6.650% Notes due March 15, 2031; net proceeds ~$728.9M after fees and offering expenses.
Net proceeds used to repay a portion of outstanding borrowings under senior secured revolving credit facility (Revolver) maturing Nov 2028.
Notes rank pari passu with existing unsecured notes; structurally subordinated to ~$3.0B in SPV facilities and ~$810M in CLOs.
Affiliates of certain initial purchasers are lenders under Revolver and may receive >5% of offering proceeds upon repayment.
Company entered into Registration Rights Agreement to exchange Notes for registered securities within 365 days or pay additional interest.

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 $750.0 million aggregate principal amount with Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc. and Truist Securities, Inc., as representatives of the several initial purchasers at 6.650% per year maturing 2031.

Instrument: senior notes
Principal: $750.0 million aggregate principal amount
Counterparty: Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc. and Truist Securities, Inc., as representatives of the several initial purchasers
Rate: 6.650% per year
Maturity: 2031
Event: incurrence

Exact text from the filing

On January 29, 2024, Blue Owl Credit Income Corp. (the “Company”) and Blue Owl Credit Advisors LLC (the “Adviser”), on the one hand, entered into a Purchase Agreement (the “Purchase Agreement”) with Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc. and Truist Securities, Inc., as representatives of the several initial purchasers listed on Schedule 1 thereto (the “Initial Purchasers”), on the other hand, which Purchase Agreement relates to the Company’s sale of $750.0 million aggregate principal amount of its 6.650% notes due 2031 (the “Notes”) to the Initial Purchasers in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and for initial resale by the Initial Purchasers to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act.

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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 with Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc. and Truist Securities, Inc., as representatives of the several initial purchasers valued at $750.0 million aggregate principal amount of its 6.650% notes due 2031 (effective 2024-01-29).

Action: entry
Agreement: underwriting
Counterparty: Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc. and Truist Securities, Inc., as representatives of the several initial purchasers
Value: $750.0 million aggregate principal amount of its 6.650% notes due 2031
Effective: 2024-01-29

Exact text from the filing

On January 29, 2024, Blue Owl Credit Income Corp. (the “Company”) and Blue Owl Credit Advisors LLC (the “Adviser”), on the one hand, entered into a Purchase Agreement (the “Purchase Agreement”) with Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc. and Truist Securities, Inc., as representatives of the several initial purchasers listed on Schedule 1 thereto (the “Initial Purchasers”), on the other hand, which Purchase Agreement relates to the Company’s sale of $750.0 million aggregate principal amount of its 6.650% notes due 2031 (the “Notes”) to the Initial Purchasers

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Source: SEC EDGAR

accession 0001193125-24-021890

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