Blue Owl Capital Corporation Announces Amendment to Secured Credit Facility
NEW YORK, NY – Blue Owl Capital Corporation (NYSE: OBDC) announced today that it has entered into an amendment to its existing secured credit facility through its subsidiary, ORCC III Financing II LLC. The amendment, executed on April 9, 2025, reflects a strategic enhancement to the Company’s financing terms and capital efficiency.

The amendment to the Loan Financing and Servicing Agreement, originally dated December 2, 2021, and previously modified in 2022 and 2024, introduces two key changes:

A reduction in the applicable margin from 1.95% to 1.70% per annum, lowering the cost of capital under the facility.

An adjustment to the make-whole fee terms during the revolving period, designed to provide improved flexibility in capital deployment.

The facility is managed with Deutsche Bank AG, New York Branch serving as Facility Agent, and State Street Bank and Trust Company acting as Collateral Agent and Custodian.

Borrowings under this facility are considered obligations of Blue Owl Capital Corporation for purposes of compliance with the asset coverage requirements under the Investment Company Act of 1940.

“This amendment demonstrates our ongoing commitment to optimizing our capital structure and securing favorable terms for our stakeholders,” said Jonathan Lamm, Chief Operating Officer and Chief Financial Officer. “We appreciate the continued support of our lending partners as we maintain a disciplined approach to growth.”

Blue Owl Capital Corporation remains focused on delivering strong risk-adjusted returns to shareholders through strategic investments in middle-market companies and active management of its financing arrangements.

Blue Owl Capital Corporation Completes $409.7 Million CLO Refinancing

Blue Owl Capital Corporation announced the completion of a $409.7 million term debt securitization refinancing on April 4, 2025. The refinancing, executed through its subsidiary Owl Rock CLO X, LLC, involved issuing secured notes and borrowing secured loans backed by a portfolio of middle market loans.

The refinancing consisted of:

$93 million in AAA-rated Class A-R Notes (interest: Benchmark +1.39%)

$44 million in AA-rated Class B-R Notes (interest: Benchmark +1.70%)

$135 million in Class A-L1 floating rate loans (interest: Benchmark +1.39%)

Proceeds from this transaction were used to redeem debt issued in March 2023 and cover refinancing expenses. The new debt, which matures in April 2037, is secured by the issuer’s assets, including middle market loans and participation interests.

In addition, the company contributed approximately $56.3 million in middle market loans to the CLO as part of the updated loan sale agreement. Through April 2029, proceeds from the CLO can be used to purchase more eligible loans.

Blue Owl Credit Advisors LLC, the investment adviser to the company, serves as the collateral manager and has waived management fees for now, with the option to reinstate them in the future.

The CLO notes were privately placed and are not registered under the Securities Act of 1933. Blue Owl Capital Corporation expects to use the net proceeds for general corporate purposes.