Blue Owl Credit Income amends revolver, converts portion to term loans

By Wendy Van Sickle

Columbus, Ohio, Nov. 6 – Blue Owl Credit Income Corp. entered into the first amendment to its amended and restated senior secured credit agreement with Sumitomo Mitsui Banking Corp. as administrative agent on Nov. 2, according to an 8-K filing with the Securities and Exchange Commission.

The amendment extends the revolver availability period to November 2027 from August 2026 and extends the scheduled maturity date of revolving commitments with existing lenders to November 2028 from August 2027.

The amendment also converts a portion of the existing revolver availability into term loan availability, increases the total facility amount to $1,895,000,000 from $1,845,000,000; increases the accordion provision to permit increases to a total facility amount of up to $2,842,500,000; and reduces the credit adjustment spread for term benchmark loans to 10 basis points for all loan tenors from 10 bps for one-month tenor loans, 15 bps for three-month tenor loans and 25 bps for six-month tenor loans.

The facility was initially signed Aug. 11, 2022 under the company’s former name, Owl Rock Core Income Corp.

Blue Owl Capital is an alternative asset manager based in New York.

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