Blue Owl BDCs Report the Closing of Multiple Senior Credit Facilities

A pair of non-listed business development companies sponsored by Blue Owl Capital Inc. – Blue Owl Credit Income Corp. and Blue Owl Technology Income Corp. – each recently shared Blue Owl Capital’s credit platform closing on senior secured credit facilities.

In June 2024, Blue Owl Credit Income Corp. reported that Blue Owl Capital Inc.’s credit platform closed on a $2.2 billion senior secured credit facility. Blue Owl Capital was the lead arranger and administrative agent in support of sponsor Arby Partners’ refinancing of Inspira Financial. Inspira has been a portfolio company of Arby since 2019, and Blue Owl was the largest lender in the transaction. Inspira is a provider of automatic rollover IRA retirement services and health-related savings account solutions to a network of more than 84,000 employers.

Also in June 2024, Blue Owl Technology Income Corp. reported that Blue Owl Capital Inc.’s credit platform closed on a senior secured credit facility and equity investment for AlphaSense in support of their acquisition of Tegus and the refinancing of an existing senior secured credit facility. Blue Owl Capital was a lead arranger on the credit facility, while Viking and MSD were the lead equity investors. AlphaSense’s core product is a machine-learning powered orchestration layer that provides the ability to comprehensively search all of AlphaSense’s content, including public documents such as U.S. Securities and Exchange Commission filings, event and earnings transcripts, and other content.

In other news about the BDCs:

Blue Owl Credit Income Corp. reported its June 2024 monthly net asset value per share as follows.

Class S shares had a NAV per share of $9.53 in June, compared to $9.57 in May, a decrease of approximately 0.42%.

Class D shares had a NAV per share of $9.55, compared to $9.58, a decrease of approximately 0.31%.

Class I shares had a NAV per share of $9.56 in June, compared to $9.59, a decrease of approximately 0.31%.

The average debt-to-equity leverage ratio during the month-to-date period ended June 30 was 0.76x. Of the company’s committed debt capacity, $8.6 billion (65.7%) was in secured floating rate leverage and $4.5 billion (34.3%) was in unsecured fixed rate leverage. Of the company’s $4.5 billion unsecured fixed rate leverage, $3.1 billion was hedged by interest rate swaps for which it receives fixed rate interest and pays variable rate interest.

As of June 30, Blue Owl Credit Income Corp. had debt investments in 329 portfolio companies with an aggregate par value of $21.1 billion. The portfolio consisted of 87.9% first lien debt investments, 4.6% second lien debt investments, 1.9% unsecured debt investments, 2% preferred equity investments, 2.2% common equity investments, and 1.4% joint ventures. As of the end of the second quarter, 97.9% of the debt investments based on par value in our portfolio were at floating rates.

Blue Owl Technology Income Corp. reported its June NAV per share at $10.42, down approximately 0.48% from $10.47 in May. The average debt-to-equity leverage ratio during the month-to-date period ended June 30 was 0.60x. Of the company’s committed debt capacity, $1.7 billion, or 94.2%, is in secured floating rate leverage based on drawn amounts.

As of June 30, Blue Owl Technology Income Corp. had debt investments in 156 portfolio companies with an aggregate value of $4.2 billion. Its portfolio consisted of 87.5% first lien debt investments, 5.2% second lien debt investments, 1.4% unsecured debt investments, 5% preferred equity investments, and 0.9% common equity investments. At the end of June, 98.9% of the debt investments in its portfolio were at floating rates.

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