New Issue: Blue Owl Capital sells $350 million 8.45% notes due 2026

By William Gullotti

Buffalo, N.Y., Nov. 15 – Blue Owl Capital Corp. II sold $350 million 8.45% notes due 2026 (KBRA: BBB), according to an 8-K filing with the Securities and Exchange Commission.

The Rule 144A notes feature a make-whole call at Treasuries plus 50 basis points until Oct. 15, 2026, followed by a par call. The notes become putable at par upon change of control.

Wells Fargo Securities, LLC, MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc., Truist Securities, Inc. and Deutsche Bank Securities Inc. were the bookrunners for the deal.

The net proceeds from the sale were approximately $344 million, which will be used to redeem up to $350 million of the company’s outstanding $450 million 4.625% notes due Nov. 26, 2024.

Blue Owl is an alternative asset manager based in New York.

Issuer:	Blue Owl Capital Corp. II
Amount:	$350 million
Issue:	Notes
Maturity:	Nov. 15, 2026
Bookrunners:	Wells Fargo Securities, LLC, MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc., Truist Securities, Inc. and Deutsche Bank Securities Inc.
Trustee:	Computershare Trust Co., NA
Coupon:	8.45%
Call:	Make-whole at Treasuries plus 50 bps until Oct. 15, 2026, followed by par call
Change of control:	At par
Pricing date:	Nov. 13
Issue date:	Nov. 15
Rating:	KBRA: BBB
Distribution:	Rule 144A
Cusip:	69121DAB6

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