Blue Owl Credit Income Corp. Completes $1.0B Note Offering

What Happened
Blue Owl Credit Income Corp. announced on September 14, 2026 that it completed a private placement of $1.0 billion aggregate principal amount of unsecured notes: $700 million of 6.250% notes due June 15, 2029 (the “2029 Notes”) and $300 million of 6.550% notes due October 15, 2031 (the “New 2031 Notes”). The offering was completed under a Purchase Agreement dated September 9, 2026 with several initial purchasers and was sold in reliance on Section 4(a)(2) / Rule 144A and Regulation S. Net proceeds were approximately $988.1 million after fees and estimated offering expenses.

Key Details

• Offering size and coupons: $700M 6.250% notes due 6/15/2029; $300M 6.550% notes due 10/15/2031 (New 2031 Notes join an existing $500M 6.550% 2031 series, bringing total 2031 Notes to $800M).
• Net proceeds & costs: ~$988.1M net after initial purchaser fees and ~$3.0M estimated offering expenses.
• Use of proceeds: intend to repay a portion of borrowings under the company’s senior secured revolver (matures 10/18/2029), the company’s 3.125% notes due 9/23/2026, and/or other secured financings.
• Security and ranking: the Notes are the company’s direct, general unsecured obligations, pari passu with other unsecured debt (the company had ~$7.2B unsecured notes outstanding as of 6/30/2026), subordinated to future secured debt (e.g., revolver borrowings ~$591.5M outstanding as of 6/30/2026) and structurally subordinated to subsidiary/SPV debt (SPV asset credit facilities ~$5.8B and CLOs ~$3.6B outstanding as of 6/30/2026).
• Registration rights and timing: the company agreed to file exchange registration statements and use commercially reasonable efforts to consummate exchange offers by Sept 14, 2027 for the 2029 Notes and June 11, 2027 for the New 2031 Notes; failure to meet registration obligations can trigger additional interest payments to noteholders.
• Change-of-control protection: holders have the right to require repurchase at 100% of principal plus accrued interest if a change-of-control repurchase event occurs prior to maturity.

Why It Matters
This filing shows Blue Owl is raising long-term unsecured capital to address near-term maturities and revolver borrowings, extending debt maturities while increasing unsecured indebtedness. For investors, key takeaways are the size and cost of the new debt (6.25%–6.55% coupons), the intended use to reduce near-term secured borrowings and an upcoming September 2026 maturity the company aimed to address, and the notes’ ranking (unsecured and structurally subordinated to subsidiary liabilities). The registration rights and potential for additional interest if registration deadlines are missed are also material obligations to monitor.