Published on 1/17/2024 in the Prospect News Investment Grade Daily.
New Issue: Blue Owl Capital sells $600 million 5.95% notes due 2029 at 220 bps spread
By Wendy Van Sickle
Columbus, Ohio, Jan. 17 – Blue Owl Capital Corp. sold $600 million 5.95% notes due March 15, 2029 (Baa3/BBB-/BBB/Kroll: BBB) at 98.818 to yield 6.218%, or a spread over Treasuries of 220 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes had been talked in the Treasuries plus 250 bps area.
Wells Fargo Securities LLC, BofA Securities, Inc., ING Financial Markets LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc., ING Financial Markets LLC, MUFG Securities Americas Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, SG Americas Securities, LLC and Truist Securities, Inc. were the bookrunners for the deal.
Proceeds will be used to refinance existing debt.
Blue Owl is an externally managed, closed-end management investment company based in New York.
| Issuer: | Blue Owl Capital Corp.
|
| Amount: | $600 million
|
| Issue: | Notes
|
| Maturity: | March 15, 2029
|
| Bookrunners: | Wells Fargo Securities LLC, BofA Securities, Inc., ING Financial Markets LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc., ING Financial Markets LLC, MUFG Securities Americas Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, SG Americas Securities, LLC and Truist Securities, Inc.
|
| Co-managers: | CIBC World Markets Corp., Keefe, Bruyette & Woods, Inc., KeyBanc Capital Markets Inc., M&T Securities, Inc., Morgan Stanley & Co. LLC, NatWest Markets Securities Inc., Santander US Capital Markets LLC, Synovus Securities, Inc., R. Seelaus & Co., LLC, Drexel Hamilton, LLC and Siebert Williams Shank & Co., LLC
|
| Trustee: | Deutsche Bank Trust Co. Americas
|
| Counsel to issuer: | Eversheds Sutherland (US) LLP
|
| Counsel to underwriters: | Kirkland & Ellis LLP
|
| Coupon: | 5.95%
|
| Price: | 98.818
|
| Yield: | 6.218%
|
| Spread: | Treasuries plus 220 bps
|
| Call: | Make-whole at Treasuries plus 35 bps until Feb. 15, 2029, followed by par call
|
| Change of control: | At par
|
| Pricing date: | Jan. 17
|
| Settlement date: | Jan. 22
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB
|
| Kroll: BBB
|
| Price talk: | Treasuries plus 250 bps area
|
| Cusip: | 69121KAH7
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
