The business development company plans to use proceeds to pay down existing debt, including its revolving credit facility.

April 17, 2026

Blue Owl Capital Corporation, a publicly traded business development company listed on the New York Stock Exchange under the ticker OBDC, has completed a $400 million debt offering, issuing unsecured notes that carry a 6.450 percent annual interest rate and mature on September 15, 2028.

The New York-based company entered into a Tenth Supplemental Indenture with Deutsche Bank Trust Company Americas on April 16, 2026, formalizing the terms of the new notes under an existing indenture originally established in April 2019. The offering was underwritten by Morgan Stanley & Co. LLC, with Blue Owl Credit Advisors LLC serving as the company’s adviser in the transaction.

Terms of the Notes

The notes are direct, general unsecured obligations of the company and will pay interest semiannually on March 15 and September 15 each year, beginning September 15, 2026. Blue Owl Capital Corporation retains the option to redeem the notes before maturity, in whole or in part, at a price equal to the greater of the present value of remaining scheduled payments discounted at the applicable treasury rate plus 45 basis points, or 100 percent of the principal amount, plus any accrued and unpaid interest.

Use of Proceeds

The company indicated it plans to use net proceeds from the offering to pay down existing debt, including outstanding borrowings under its senior secured revolving credit facility. That facility carries variable interest rates tied to SOFR plus applicable margins and has staggered maturities, with $50 million in commitments expiring in August 2027 and the remaining commitments maturing in November 2029.

Covenants and Protections

Under the terms of the indenture, the company is required to maintain compliance with asset coverage requirements under the Investment Company Act of 1940 and must continue providing financial information to noteholders and the trustee if it ever ceases to be an SEC reporting company. Additionally, in the event of both a change of control and a downgrade below investment grade by all three major rating agencies, the company would be required to offer to repurchase the notes at par plus accrued interest.

The offering was conducted under an existing shelf registration statement on Form N-2 previously filed with the SEC. The transaction officially closed on April 16, 2026.

Blue Owl Capital Corporation is part of the broader Blue Owl Capital family of investment vehicles. A separate entity, Blue Owl Real Estate Net Lease Trust, recently reported approximately $8.62 billion in net asset value and interests in nearly 3,900 properties as of the end of February 2026.