Blue Owl Credit Income Corp. completed a $1 billion senior unsecured notes offering comprising $700 million of 6.250% notes due June 15, 2029, and $300 million of 6.550% notes due October 15, 2031.
The nontraded BDC received approximately $988.1 million in net proceeds after initial-purchaser fees and an estimated $3 million of offering expenses. Blue Owl Credit Income intends to use the proceeds to repay debt under its senior secured revolving credit facility, retire 3.125% notes maturing September 23, 2026, and potentially reduce other secured financing.
The $300 million issuance represents an additional offering of the fund’s existing 6.550% notes due 2031. Blue Owl Credit Income originally issued $500 million of those notes in June, bringing the combined principal amount outstanding for that series to $800 million.
Both series are direct, general unsecured obligations of the fund. The 2029 notes will pay interest semiannually beginning December 15, 2026, while the new 2031 notes join the existing series and will pay interest semiannually beginning October 15, 2026.
The transaction replaces portions of shorter-term and secured borrowing with unsecured debt extending into 2029 and 2031. As of June 30, the fund reported approximately $7.2 billion of unsecured notes, $591.5 million outstanding under its revolving facility, $5.8 billion of special-purpose-vehicle financing, and $3.6 billion of CLO obligations.
