Oaktree Specialty Lending Corp Announces $300M 7.00% Notes Offering

What Happened

• Oaktree Specialty Lending Corporation announced on Sept. 9, 2026 that it entered into an underwriting agreement to issue $300.0 million aggregate principal amount of 7.000% Notes due 2031. The offering is being made under the company’s effective Form N-2 shelf registration and is expected to close on Sept. 16, 2026, subject to customary closing conditions. The underwriting agreement is filed as Exhibit 1.1 to the company’s Form 8-K.

Key Details

• Offering size and terms: $300.0 million principal of 7.000% Notes due 2031.
• Expected net proceeds: approximately $296.5 million after an underwriting discount of $2.6 million and estimated offering expenses of ~$0.8 million.
• Underwriters (representatives): J.P. Morgan Securities LLC, BNP Paribas Securities Corp., ING Financial Markets LLC, RBC Capital Markets, LLC, and SMBC Nikko Securities America, Inc.
• Registration and disclosure: Offered pursuant to the company’s effective Form N-2 (Reg. No. 333-292920) with prospectus supplements dated Sept. 9, 2026.

Why It Matters

• The transaction will add $300 million of fixed-rate debt to Oaktree Specialty Lending’s balance sheet with a 7.000% coupon through 2031, and is expected to provide about $296.5 million in net proceeds. For investors, that means increased liquidity for the company but also higher ongoing interest obligations and potential impact on leverage metrics. Monitor future filings for how the company uses the proceeds and any effects on dividend policy, credit metrics, or portfolio activity.