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  4. [8-K] Blue Owl Capital Corp Reports Material Event

Blue Owl Capital (NYSE: OBDC) extends revolver to 2031 and terminates $300M secured facility

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Blue Owl Capital Corporation updated its debt arrangements by amending its main senior secured revolving credit facility and terminating a smaller secured facility. The Third Amendment extends the revolver availability period from November 2028 to June 2030 and pushes the scheduled maturity from November 2029 to June 2031, lengthening the company’s access to this borrowing source. It also increases the accordion feature to allow total commitments of up to $6.0 billion while modestly reducing the current total facility amount from $4.025 billion to $4.0 billion and resetting the minimum shareholders’ equity test. Separately, the company fully repaid and terminated a revolving secured credit facility with capacity of up to $300 million, released related liens, and ended all associated loan documents.

Positive

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Negative

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Insights

Blue Owl extends core credit maturity, trims capacity, ends small facility.

Blue Owl Capital Corporation has reworked its main senior secured revolver, pushing the revolver availability to June 2030 and final maturity to June 2031. This concentrates liquidity in a long-dated, syndicated facility with Truist Bank as administrative agent.

The amendment raises the accordion cap to $6,000,000,000 while slightly reducing the current total facility amount to $4,000,000,000. This combination preserves flexibility to scale commitments later while modestly lowering immediate capacity and resetting the minimum shareholders’ equity test covenant.

Termination of the separate $300,000,000 secured credit facility and full repayment of obligations simplifies the debt structure and removes related liens. Future disclosures in periodic reports will show how much of the expanded accordion is ultimately utilized and the resulting borrowing cost profile.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 1.02 Termination of a Material Definitive Agreement Business
A significant contract was terminated, which may affect business operations or revenue.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Revolver availability extension to June 2030 Availability period on senior secured revolver
Revolver maturity extension to June 2031 Scheduled maturity date on senior secured revolver
Accordion provision cap $6,000,000,000 Maximum total facility amount permitted by accordion
Total facility amount $4,000,000,000 Current total facility after reduction from $4,025,000,000
Terminated secured facility size $300,000,000 Revolving credit facility for OBDC III Financing III LLC
Original total facility amount $4,025,000,000 Total facility amount before Third Amendment reduction
Senior Secured Revolving Credit Agreement financial
"Third Amendment to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of June 25, 2026"
A senior secured revolving credit agreement is a loan contract that gives a company repeated access to borrowing up to a set limit, where lenders have first claim on specified assets if the company can’t pay. Think of it like a business credit card backed by collateral: it supplies short-term cash for operations or growth, sets rules about how the company can use funds, and matters to investors because it affects liquidity, borrowing cost, financial flexibility, and who gets paid first in a distress scenario.
accordion provision financial
"increases the accordion provision to permit increases to a total facility amount of up to $6,000,000,000"
minimum shareholders’ equity test financial
"resets the minimum shareholders’ equity test and (v) reduces the total facility amount"
Secured Credit Facility financial
"entered into a Credit Agreement (the “Secured Credit Facility”), with OBDC III Financing III, as Borrower"
A secured credit facility is a loan arrangement where a lender provides money to a company in exchange for a legal claim on specific assets (collateral) that can be seized if the borrower fails to repay. It matters to investors because secured debt is cheaper and safer for lenders, which can lower a company’s borrowing cost, but it also puts pledged assets off-limits to shareholders and can affect recovery outcomes and financial flexibility if the company faces trouble—think of it as a mortgage on parts of the business.
Collateral Agent financial
"State Street Bank and Trust Company, as Collateral Agent and as Collateral Custodian"
A collateral agent is a neutral third party that holds and manages the assets pledged to secure a loan on behalf of a group of lenders, acting like the keyholder to a shared safe. If the borrower falls behind, the collateral agent enforces the lenders’ rights and coordinates who gets what, which affects how quickly and how much lenders can recover. Investors care because the agent’s role shapes recovery prospects, enforcement speed and the clarity of lenders’ claims.
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Understanding 8-K Material Events →
Blue Owl Capital Corp false 0001655888 0001655888 2026-06-25 2026-06-25
 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 25, 2026

 

 

BLUE OWL CAPITAL CORPORATION

(Exact name of Registrant as Specified in Its Charter)

 

 

 

Maryland   814-01190   47-5402460

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

   (IRS Employer
Identification No.)

 

399 Park Avenue

New York, NY

   10022
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s Telephone Number, Including Area Code: (212) 419-3000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading
Symbol(s)

  

Name of each exchange
on which registered

Common Stock, par value $0.01 per share   OBDC   The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 
 

Item 1.01 – Entry into a Material Definitive Agreement.

On June 25, 2026, Blue Owl Capital Corporation (the “Company”) entered into the Third Amendment to Amended and Restated Senior Secured Revolving Credit Agreement (the “Third Amendment”), which amends that certain Amended and Restated Senior Secured Revolving Credit Agreement, dated as of August 26, 2022 (as amended by the First Amendment to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of November 17, 2023, as amended by the Second Amendment to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of November 22, 2024, and as further amended by the Third Amendment, the “Credit Agreement”). The parties to the Third Amendment include the Company, as Borrower, the subsidiary guarantors party thereto solely with respect to Section 5.9 therein, the lenders party thereto and Truist Bank, as Administrative Agent, and, solely with respect to Section 5.11 therein, as Collateral Agent. The Third Amendment, among other things, (i) extends the revolver availability period from November 2028 to June 2030, (ii) extends the scheduled maturity date from November 2029 to June 2031, (iii) increases the accordion provision to permit increases to a total facility amount of up to $6,000,000,000, (iv) resets the minimum shareholders’ equity test and (v) reduces the total facility amount from $4,025,000,000 to $4,000,000,000.

Item 1.02 – Termination of a Material Definitive Agreement.

On March 20, 2024, OBDC III Financing III LLC (“OBDC III Financing III”), a Delaware limited liability company and subsidiary of the Company, entered into a Credit Agreement (the “Secured Credit Facility”), with OBDC III Financing III, as Borrower, Blue Owl Credit Advisors LLC, as Servicer, the lenders from time to time parties thereto, Bank of America, N.A., as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent and as Collateral Custodian and Bank of America, N.A., as Sole Lead Arranger and Sole Book Manager.

The Secured Credit Facility provided for a revolving credit facility in an aggregate principal amount of up to $300,000,000. On June 25, 2026, the Company and other parties to the Secured Credit Facility entered into a letter agreement (the “Termination Letter”) pursuant to which (i) the Secured Credit Facility and all commitments thereunder were terminated in full, (ii) all outstanding obligations under the Secured Credit Facility were repaid in full, (iii) the liens granted under the Secured Credit Facility and related loan documents were released and (iv) the Secured Credit Facility and related loan documents were terminated.

Item 2.03 – Creation of a Direct Financial Obligation.

The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.

Item 9.01 - Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit Number   

Description

10.1    Third Amendment to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of June 25, 2026, by and among Blue Owl Capital Corporation, the Lenders party thereto and Truist Bank, as Administrative Agent.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    Blue Owl Capital Corporation
Date: June 30, 2026     By:  

 /s/ Jonathan Lamm

       Name: Jonathan Lamm
       Title:  Chief Financial Officer and Chief Operating Officer

Source: View Original Filing on SEC EDGAR

FAQ

What credit agreement did Blue Owl Capital Corporation (OBDC) amend in June 2026?

Blue Owl Capital Corporation amended its Amended and Restated Senior Secured Revolving Credit Agreement through a Third Amendment dated June 25, 2026, with Truist Bank as Administrative Agent and various lenders, updating key terms such as availability, maturity, accordion size, and equity covenants.

How did the Blue Owl (OBDC) revolver’s availability and maturity change?

The revolver’s availability period was extended from November 2028 to June 2030, and the scheduled maturity date moved from November 2029 to June 2031, giving Blue Owl Capital Corporation a longer window to draw and repay borrowings under its senior secured revolving credit facility.

What happened to the total facility amount and accordion under OBDC’s main revolver?

The Third Amendment reduced the current total facility amount from $4,025,000,000 to $4,000,000,000, while increasing the accordion provision to permit future increases up to a total facility size of $6,000,000,000, subject to the agreement’s terms and lender participation.

Which Blue Owl (OBDC) credit facility was terminated and in what size?

A separate Secured Credit Facility for OBDC III Financing III LLC, providing a revolving credit line up to $300,000,000, was terminated in full on June 25, 2026, with all outstanding obligations repaid and all associated liens and loan documents released and ended.

Did Blue Owl (OBDC) repay obligations under the terminated $300 million facility?

Yes. Under a June 25, 2026 termination letter, all outstanding obligations under the $300,000,000 Secured Credit Facility were repaid in full, all commitments were cancelled, liens granted under the facility were released, and the facility and related loan documents were terminated.

Filing Exhibits & Attachments

4 documents

Agreements & Contracts

Other Documents