By Cristal Cody
Chicago, June 3 – Blue Owl Capital Inc.’s indirect subsidiary, Blue Owl Finance LLC sold an offering of $700 million of 3.125% notes due June 10, 2031 (BBB/BBB) on Thursday, a market source reported.
The size of the deal more than doubled over the course of the day, launched at $300 million.
The notes priced with a spread of Treasuries plus 165 bps, low to the Treasuries plus 187.5 bps area talk.
BofA Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the active bookrunners, with EVER and KBW as passive bookrunners.
The Rule 144A and Regulation S notes will be guaranteed by Blue Owl Capital Holdings LP, Blue Owl Capital Carry LP, Owl Rock Capital Group LLC, Dyal Capital Holdings LLC, Owl Rock Capital GP Holdings LP and Dyal GP Holdings LLC, according to a press release.
The company intends to use proceeds to repay all outstanding borrowings under its existing term loan. Any remaining proceeds will be used for general corporate purposes, including to fund future strategic acquisitions or related transactions and growth initiatives.
Blue Owl Capital is an alternative asset manager based in New York.
| Issuer: | Blue Owl Finance LLC
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| Amount: | $700 million
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| Maturity: | June 10, 2031
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| Bookrunners: | BofA Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, EVER and KBW
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| Coupon: | 3.125%
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| Spread: | Treasuries plus 165 bps
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| Trade date: | June 3
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| Ratings: | S&P: BBB
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| Fitch: BBB
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | Treasuries plus 187.5 bps area
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