Blue Owl Capital Corp 8-K

What Happened
Blue Owl Capital Corporation announced on April 16, 2026 that it completed an offering of $400,000,000 aggregate principal amount of 6.450% senior unsecured notes due September 15, 2028. The company entered into a Tenth Supplemental Indenture with Deutsche Bank Trust Company Americas (Trustee) and closed the transaction on April 16, 2026; the underwriting agreement with Morgan Stanley & Co. LLC (as underwriter) and the Adviser was dated April 13, 2026. Interest on the Notes is payable semiannually on March 15 and September 15, beginning September 15, 2026.

Key Details

• $400,000,000 aggregate principal amount of 6.450% notes due September 15, 2028.
• Interest: 6.450% per year, paid semiannually (Mar 15 and Sep 15), first payment Sep 15, 2026.
• Redemption: Company may redeem notes prior to maturity at a price equal to the greater of (1) present value of remaining payments discounted at the treasury rate + 45 bps (less accrued interest) or (2) 100% of principal, plus accrued interest.
• Use of proceeds: Net proceeds expected to be used to pay down existing indebtedness, including amounts under the company’s senior secured revolving credit facility.
• Change of control: If a change of control occurs and the notes are rated below investment grade by Fitch, Moody’s and S&P, Blue Owl must offer to repurchase the notes at 100% of principal plus accrued interest.
• Revolving Credit Facility context: Outstanding revolver commitments bear interest at either term SOFR + credit adjustment + up to 1.775% (2.00% for certain 2027 commitments) or an alternative base rate + up to 0.775% (1.00% for certain 2027 commitments); portions of the facility mature Aug 26, 2027 ($50M) and Nov 22, 2029 (remaining).
• Offering registered on Form N-2 (File No. 333-280593); related indenture is a supplement to the April 10, 2019 base indenture.

Why It Matters
This issuance raises $400 million of fixed-rate, unsecured long-term debt at a 6.45% coupon and provides Blue Owl with proceeds intended to reduce borrowings under its variable-rate revolving credit facility. For investors, that can affect the company’s interest expense mix (more fixed-rate debt vs. variable-rate revolver exposure) and its near-term liquidity profile. Important investor protections and terms include the redemption mechanics, a change-of-control repurchase right, and covenants tied to the company’s regulatory status and reporting obligations.