Blue Owl Credit Income Corp.: debt financing — Blue Owl Credit Income Corp. closes $477.9M CLO securitization

Blue Owl Credit Income Corp.

Issued $273.6M Class A notes (SOFR+2.30%) and $38.4M Class B notes (SOFR+3.20%), both maturing Jan 20, 2036.
Issued $165.98M preferred shares (165,980 shares at $1,000 each); company purchased all preferred shares.
Proceeds used to purchase middle-market loans; company contributed $115.3M loans, subsidiary Core Income Funding I contributed $329.7M.
Secured notes are obligations of special-purpose subsidiary Owl Rock CLO XV, LLC; not registered under Securities Act.
Blue Owl Credit Advisors LLC serves as collateral manager, waiving its fee (may rescind with offset to management fee).

item 1.01 item 2.03 item 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 debt of approximately $165.98 million.

Principal: approximately $165.98 million
Event: incurrence

Exact text from the filing

the Issuer issued approximately $165.98 million of subordinated securities in the form of 165,980 preferred shares at an issue price of U.S. $1,000 per share

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

Blue Owl Credit Income Corp. incurred credit facility of $273.6 million with State Street Bank and Trust Company at three-month term SOFR plus 2.30% maturing January 20, 2036.

Instrument: credit facility
Principal: $273.6 million
Counterparty: State Street Bank and Trust Company
Rate: three-month term SOFR plus 2.30%
Maturity: January 20, 2036
Event: incurrence

Exact text from the filing

(i) $273.6 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.30%

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

Blue Owl Credit Income Corp. incurred credit facility of $38.4 million with State Street Bank and Trust Company at three-month term SOFR plus 3.20% maturing January 20, 2036.

Instrument: credit facility
Principal: $38.4 million
Counterparty: State Street Bank and Trust Company
Rate: three-month term SOFR plus 3.20%
Maturity: January 20, 2036
Event: incurrence

Exact text from the filing

(ii) $38.4 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.20%

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.7

Blue Owl Credit Income Corp. entered into Core Income Funding I Loan Sale Agreement with Core Income Funding I LLC (effective 2024-01-30).

Action: entry
Counterparty: Core Income Funding I LLC
Effective: 2024-01-30

Exact text from the filing

an additional loan sale agreement executed on the Closing Date between the Issuer and Core Income Funding I LLC (the “Core Income Funding I Loan Sale Agreement”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.7

Blue Owl Credit Income Corp. entered into Indenture with State Street Bank and Trust Company (effective 2024-01-30).

Action: entry
Agreement: credit facility
Counterparty: State Street Bank and Trust Company
Effective: 2024-01-30

Exact text from the filing

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

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.7

Blue Owl Credit Income Corp. entered into OCIC Loan Sale Agreement with the Issuer (effective 2024-01-30).

Action: entry
Counterparty: the Issuer
Effective: 2024-01-30

Exact text from the filing

the Company entered into a loan sale agreement with the Issuer dated as of the Closing Date (the “OCIC Loan Sale Agreement”)

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299 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001193125-24-021912

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