Blue Owl Technology Income amends, ups facility to $875 million

By William Gullotti

Buffalo, N.Y., Oct. 25 – Blue Owl Technology Income Corp. entered into the first amendment to its senior secured credit agreement with Sumitomo Mitsui Banking Corp. as administrative agent on Oct. 23, according to an 8-K filing with the Securities and Exchange Commission.

The facility was initially signed May 2, 2022 under the company’s former name, Owl Rock Technology Income Corp.

The amendment upped the overall facility size to $875 million from $800 million, and $125 million of the revolver’s commitments were also converted into term loan availability.

The initial uncommitted accordion feature remained intact, permitting the revolver to be expanded to $1.75 billion.

The revolver availability period was extended to Oct. 22, 2027 from May 1, 2026, subsequently extending the maturity date to Oct. 23, 2028 from April 30, 2027.

The credit adjustment spreads were also reduced, cutting 10 basis points from loans with one-month tenors, 15 bps from loans with three-month tenors, 25 bps from loans with six-months tenors and an additional 10 bps from all loan tenors.

Sumitomo remains the bookrunner, also acting as a joint lead arranger with Truist Securites, Inc. and the addition of MUFG Bank Ltd.

Truist Bank is documentation agent.

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

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