Blue Owl Credit Income Corp.: debt financing — Blue Owl Credit Income closes $597M CLO securitization; issues secured notes and preferred shares

On March 7, 2024 (the “Closing Date”), Blue Owl Credit Income Corp. (the “Company”) completed a $597 million term debt securitization transaction (the “CLO Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company.

In connection with the CLO Transaction, on March 7, 2024, Core Income Funding II LLC, entered into Amendment No. 7 (the “Amendment” and the facility as amended, the “Secured Credit Facility”), which amended that certain Loan Financing and Servicing Agreement, dated as of October 5, 2021 (as amended by Amendment No. 1, dated as of October 27, 2021, Amendment No. 2, dated as of December 20, 2021, Amendment No. 3, dated as of February 18, 2022, Amendment No. 4, dated as of April 11, 2022, Amendment No. 5, dated as of May 3, 2022 and the Joinder Agreement of Webster Bank, N.A, dated as of July 11, 2022, and Amendment No. 6, dated as of August 1, 2022), by and among Core Income Funding II LLC, as borrower, the Company, as equityholder and services provider, the lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as Facility Agent, State Street Bank and Trust Company, as Collateral Agent and Alter Domus (US) LLC, as Collateral Custodian.

The remainder of the initial portfolio assets securing the Secured Notes consisted of approximately $356.49 million funded par amount of middle market loans purchased by the Issuer from Core Income Funding II LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the Closing Date between the Issuer and Core Income Funding II LLC (the “Core Income Funding II Loan Sale Agreement”).

OCA will serve as collateral manager for the Issuer under a collateral management agreement dated as of the Closing Date (the “Collateral Management Agreement”).

On March 7, 2024 (the “Closing Date”), Blue Owl Credit Income Corp. (the “Company”) completed a $597 million term debt securitization transaction (the “CLO Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company.

In connection with the CLO Transaction, on March 7, 2024, Core Income Funding II LLC, entered into Amendment No. 7 (the “Amendment” and the facility as amended, the “Secured Credit Facility”), which amended that certain Loan Financing and Servicing Agreement, dated as of October 5, 2021

As part of the CLO Transaction, the Company entered into a loan sale agreement with the Issuer dated as of the Closing Date (the “OCIC Loan Sale Agreement”), which provided for the contribution of approximately $206.563 million funded par amount of middle market loans from the Company to the Issuer on the Closing Date and for future sales from the Company to the Issuer on an ongoing basis.