By Mary-Katherine Stinson and Cristal Cody
Lexington, Ky., April 12 – New details emerged in Blue Owl Finance LLC’s Thursday sale of $750 million of 6.25% senior notes due 2034 (/BBB+/BBB), according to a market source.
The notes priced at a spread of 190 basis points over Treasuries after price talk in the Treasuries plus 215 bps area.
BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Truist Securities, Inc. are bookrunners for the Rule 144A and Regulation S offering.
The notes will be guaranteed by each of Blue Owl Capital Inc., Blue Owl Capital GP Holdings LLC, Blue Owl Capital GP LLC, Blue Owl Capital Holdings LP, Blue Owl Capital Carry LP, Blue Owl Capital Group LLC, Blue Owl GPSC Holdings LLC, Blue Owl Capital GP Holdings LP, Blue Owl GP Stakes GP Holdings LLC, Blue Owl Real Estate Holdings LP, Blue Owl Real Estate GP Holdings LLC and Blue Owl Capital Holdings LLC.
The company held fixed-income investor calls and a presentation on Wednesday, according to a market source.
Blue Owl intends to use the proceeds from the offering to repay a portion of outstanding borrowings under its revolving credit facility. Any remaining net proceeds will be used for general corporate purposes, including to fund any future strategic acquisitions or related transactions and growth initiatives.
Blue Owl Capital announced on Tuesday its acquisition of Prima Capital Advisors for $170 million. The acquisition is expected to close in the second or third quarter of 2024, subject to customary closing conditions.
Blue Owl is an asset manager based in New York.
| Issuer: | Blue Owl Finance LLC
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| Amount: | $750 million
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| Issue: | Senior notes
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| Maturity: | April 18, 2034
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| Bookrunners: | BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Truist Securities, Inc.
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| Coupon: | 6.25%
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| Spread: | Treasuries plus 190 bps
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| Pricing date: | April 11
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| Ratings: | Fitch: BBB+
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| S&P: BBB
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | Treasuries plus 215 bps area
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