Blue Owl Credit Income Corp., a private credit fund affiliated with Blue Owl Capital, raised $1.3 billion in debt capital in recent months through the expansion of its senior secured revolving credit facility and a $1 billion note offering.
The fund said Tuesday its bank partners had agreed to renew its revolver commitment with a roughly two year extension to September 2031. Some lenders also upped their commitments, bringing the facility's total commitments to $4.2 billion from $3.9 billion.
The interest rate on the facility was also cut to the secured overnight financing rate plus 1.65% to 1.775%, down from SOFR plus 1.875%. The amendment to the facility closed last week.
The fund also said it completed a $1 billion note offering earlier this month, consisting of $700 million of 6.25% notes due 2029 and $300 million of 6.55% notes due 2031. Proceeds from the offering were used partially to repay the fund's existing debts and optimize its liability structure.
"The strong demand for our recent notes offering and support from our bank group, including upsized commitments from several lenders, reflect continued confidence in OCIC's portfolio and platform," Chief Executive Craig Packer said. "Together, these transactions further enhance our liquidity and financial flexibility, positioning OCIC to capitalize on an increasingly attractive lending environment."