Blue Owl Capital Corp. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K, dated April 13, 2026, details a material definitive agreement and other events for Blue Owl Capital Corporation. The primary event is the issuance of $400,000,000 aggregate principal amount of 6.450% notes due 2028. The transaction closed on April 16, 2026.
Key Financial Metrics and Debt Structure
- New Debt Issuance: $400,000,000 in 6.450% Notes due September 15, 2028.
- Interest Terms: 6.450% per annum, payable semiannually on March 15 and September 15, commencing September 15, 2026.
- Redemption: The Company may redeem the Notes prior to maturity at the greater of the present value of remaining payments (discounted at the treasury rate plus 45 basis points) or 100% of the principal amount, plus accrued interest.
- Use of Proceeds: Net proceeds are expected to be used to pay down existing indebtedness, specifically the senior secured revolving credit facility.
- Existing Credit Facility: The Revolving Credit Facility has commitments maturing on August 26, 2027 ($50 million) and November 22, 2029 (remaining commitments). Interest rates are based on term SOFR or alternative base rate plus applicable margins.
Material Changes and Covenants
The filing reports the entry into a Tenth Supplemental Indenture to the Base Indenture dated April 10, 2019. Key covenants include compliance with Section 18(a)(1)(A) of the Investment Company Act of 1940 and the provision of financial information to noteholders if the Company ceases to be subject to Exchange Act reporting requirements. A change of control repurchase event is defined as a change of control combined with a below investment-grade rating by Fitch, Moody's, or S&P, triggering an obligation to offer to purchase the Notes at 100% of principal plus accrued interest.
Guidance, Outlook, and Risks
The filing does not provide specific financial guidance, revenue forecasts, or management commentary regarding future operating performance. The primary risk disclosed relates to the change of control repurchase obligation and the Company's ability to comply with Investment Company Act covenants. The Notes are direct, general unsecured obligations of the Company.
Investor Verification Checklist
- Verify the exact amount of existing indebtedness being retired with the $400 million proceeds.
- Confirm the current utilization and interest rate margins on the Revolving Credit Facility maturing in 2027 and 2029.
- Review the full text of the Tenth Supplemental Indenture (Exhibit 4.2) for specific limitations and exceptions to covenants.
- Check the Company's current credit ratings to assess the proximity to a change of control repurchase trigger.