The private credit BDC priced its 2031 notes at 6.550 percent and committed to a future registered exchange offer for noteholders.

June 12, 2026

Blue Owl Credit Income Corp. has completed a $500 million private placement of unsecured notes, the New York-based business development company disclosed in a current report submitted to the Securities and Exchange Commission on June 11, 2026. The notes carry a 6.550 percent annual interest rate and are scheduled to mature on October 15, 2031.

The offering closed on June 11, 2026, under a purchase agreement dated June 8, 2026, between the company and its adviser, Blue Owl Credit Advisors LLC, and a group of initial purchasers represented by Wells Fargo Securities, Credit Agricole Securities (USA), ING Financial Markets, RBC Capital Markets, and SMBC Nikko Securities America. Because the notes were sold through a private placement, they were issued under exemptions from registration, with resales limited to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S.

Use of Proceeds

The company netted approximately $488.6 million after deducting initial purchaser fees and estimated offering expenses of roughly $1.5 million. Management intends to use the proceeds to pay down a portion of outstanding borrowings under its senior secured revolving credit facility, which matures in October 2029 and bears interest at the Secured Overnight Financing Rate plus a margin. As of March 31, 2026, the company had $568.3 million drawn under the revolver. Because affiliates of some initial purchasers are lenders under that facility, those affiliates may receive more than 5 percent of the offering proceeds as the debt is repaid.

Notes Structure and Ranking

The notes were issued under a base indenture dated September 2021, as supplemented by an Eleventh Supplemental Indenture dated June 11, 2026, with Truist Bank serving as trustee. Interest will be paid semiannually on April 15 and October 15, beginning October 15, 2026, and the company may redeem the notes in whole or in part at any time at prices specified in the indenture.

The notes are direct, general unsecured obligations of the company. They rank equally with the company’s other unsecured debt, including approximately $6.7 billion in unsecured notes outstanding as of March 31, 2026. The notes rank behind the company’s secured obligations, however, including roughly $586.3 million outstanding under the revolver, and are structurally subordinate to obligations of the company’s subsidiaries and financing vehicles. Those subsidiary-level obligations included approximately $5.7 billion in special purpose vehicle asset credit facilities and about $3.5 billion in collateralized loan obligation transactions as of the end of the first quarter.

Covenants and Investor Protections

The indenture requires the company to comply with asset coverage requirements under the Investment Company Act of 1940 for as long as the notes remain outstanding, and to continue furnishing financial information to noteholders and the trustee if it ever ceases to be an SEC reporting company. If a change of control repurchase event occurs before maturity, noteholders may require the company to buy back their notes at par plus accrued and unpaid interest.

The company also entered into a Registration Rights Agreement on June 11, 2026, obligating it to file a registration statement for an exchange offer that would swap the privately placed notes for substantially identical registered securities. The company has committed to using commercially reasonable efforts to complete that exchange no later than June 11, 2027. Failure to meet its registration obligations would trigger additional interest payments to noteholders.

This transaction continues an active period of debt issuance across the Blue Owl Capital platform, following Blue Owl Capital Corporation’s recent $400 million unsecured notes offering. Blue Owl Credit Income Corp. operates as a non-traded business development company and does not have securities listed on a public exchange.