Oaktree Specialty Lending Files 8-K: Issues $300M 7.00% Notes Due 2031

What Happened
Oaktree Specialty Lending Corporation announced on Sept. 16, 2026 that it closed an offering of $300.0 million aggregate principal amount of its 7.000% Notes due 2031 under a Ninth Supplemental Indenture with Deutsche Bank Trust Company Americas as trustee. The notes bear interest at 7.000% per year, payable semiannually on March 16 and September 16 beginning March 16, 2027, and mature on Sept. 16, 2031. The company says net proceeds will be used to reduce outstanding borrowings under its senior secured revolving credit facility and for general corporate purposes; the company may reborrow under the facility to make investments or for other corporate needs.

Key Details

• Issuer: Oaktree Specialty Lending Corporation; Trustee: Deutsche Bank Trust Company Americas.
• Size & rate: $300.0 million aggregate principal; 7.000% interest, payable semiannually.
• Maturity & timing: Matures Sept. 16, 2031; offering closed Sept. 16, 2026. Interest payments begin March 16, 2027.
• Ranking & rights: Direct, unsecured obligations of the company — senior to any future subordinated debt, equal to other unsecured debt, effectively junior to secured debt and structurally junior to debt of subsidiaries/financing vehicles.
• Redemption/repurchase: Company may redeem prior to Aug. 16, 2031 (Par Call Date) at a price based on discounted future payments or 100% principal (whichever is greater); on/after Par Call Date can redeem at 100% principal. Holders have repurchase rights on a Change of Control Repurchase Event at 100% principal plus accrued interest.

Why It Matters
This transaction raises $300 million of unsecured long‑term funding, which the company intends to use primarily to reduce revolver borrowings and for general corporate uses. For investors, that can affect Oaktree Specialty Lending’s leverage, liquidity and interest expense profile: the new notes carry a fixed 7.00% coupon and extend debt maturity to 2031. Because the notes are unsecured and structurally junior to subsidiary debt, their recovery in a secured default would be behind secured creditors. The redemption and change‑of‑control repurchase provisions define holders’ exit options before maturity.