On September 14, 2026, Blue Owl Credit Income Corp. completed the sale of $700 million aggregate principal amount of its 6.250% notes due 2029, alongside $300 million of 6.550% notes due 2031. The offering was conducted through a private placement under Section 4(a)(2) of the Securities Act of 1933, with Goldman Sachs & Co. LLC, BofA Securities, Inc., MUFG Securities Americas Inc., Scotia Capital (USA) Inc., and SMBC Nikko Securities America, Inc., serving as the initial purchasers.
The net proceeds from the transaction were approximately $988.1 million, after deducting fees and estimated offering expenses of roughly $3.0 million. The company intends to use these funds to pay down a portion of its outstanding indebtedness, specifically targeting its senior secured revolving credit facility (which matures on October 18, 2029), its 3.125% notes due 2026, and other secured financings.
The 2029 Notes bear interest at a rate of 6.250% per year, payable semi-annually on June 15 and December 15, commencing on December 15, 2026. They will mature on June 15, 2029, and are subject to redemption at the company's option. The 2031 Notes, which are being issued as additional debt under an existing indenture, bear interest at 6.550% per year, payable semi-annually on April 15 and October 15, commencing on October 15, 2026. The aggregate principal amount of the 2031 Notes series is now $800 million.
The notes are the company's direct, general unsecured obligations. They rank pari passu with the company's existing unsecured notes, which totaled $7.2 billion as of June 30, 2026. However, the notes are structurally subordinated to the company's subsidiaries, financing vehicles, and collateralized loan obligation transactions, which collectively totaled approximately $9.4 billion as of June 30, 2026.
In connection with the issuance, the company entered into Registration Rights Agreements with the initial purchasers. These agreements require the company to file a registration statement to offer to exchange the notes for a new issue of registered debt securities. The exchange offer must be completed by September 14, 2027, for the 2029 Notes, and by June 11, 2027, for the 2031 Notes.
