KBRA rates Blue Owl notes BBB

KBRA said it rated Blue Owl Capital Corp.’s (OBDC) $600 million of 5.95% senior unsecured notes due March 15, 2029, BBB.

“The rating and the positive outlook are supported by the company’s ties to the solid $79.5 billion Blue Owl direct lending platform, the derived benefits from OBDC’s SEC exemptive relief to co-invest with other funds managed by the advisor and its affiliates, and its diversified $12.9 billion investment portfolio comprised mostly of senior secured loans (82.7%) to mostly upper middle market companies in mainly non-cyclical industries, as of September 30, 2023,” the agency said in a press release.

Blue Owl will use the proceeds to repay borrowings under the company's secured revolving facility and/or special purpose vehicle asset facility II.

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