UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01. | Entry Into a Material Definitive Agreement |
On May 22, 2025 (the “Third Credit Facility Amendment Closing Date”), Core Income Funding III LLC (“ORCIC III Financing”), a wholly owned subsidiary of Blue Owl Credit Income Corp., a Maryland corporation (the “Company” or “us”), entered into Amendment No. 3 (the “Third Credit Facility Amendment”) to its senior secured revolving credit facility (the “Secured Credit Facility”), dated March 24, 2022, by and among Blue Owl Credit Advisors LLC, as servicer (the “Servicer”), the lenders from time to time parties thereto, Bank of America, N.A., as administrative agent (the “Administrative Agent”), State Street Bank and Trust Company (“State Street”), as collateral agent and collateral custodian and Bank of America, N.A., as sole lead arranger and sole book manager.
The Third Credit Facility Amendment amends the Secured Credit Facility to increase the financing limit under the Secured Credit Facility from $1,500,000,000 to $1,650,000,000 on the Third Credit Facility Amendment Closing Date, followed by an automatic increase to $1,800,000,000 on the three-month anniversary of the Third Credit Facility Amendment Closing Date (or an earlier date selected by the Servicer and consented to by the Administrative Agent), followed by another automatic increase to $2,000,000,000 on the six-month anniversary of the Third Credit Facility Amendment Closing Date (or an earlier date selected by the Servicer and consented to by the Administrative Agent). The Third Credit Facility Amendment also amends the Secured Credit Facility to change the range of applicable margin from a range of 1.60% to 2.60% to a range of 1.525% to 1.95% for borrowings under the Secured Credit Facility, depending on the composition of the collateral. The Third Credit Facility Amendment also amends the Secured Credit Facility to (i) extend the availability period from July 30, 2027 to May 22, 2028, (ii) extend the maturity date from July 30, 2029 to May 22, 2030, (iii) provide for ORCIC III Financing to pay unused fees subject to minimum utilization during the availability period and (iv) amend the make-whole fee schedule.
The description above is only a summary of the material provisions of the Third Credit Facility Amendment and is qualified in its entirety by reference to a copy of the form of Third Credit Facility Amendment, which is filed as Exhibit 10.1 to this current report on Form 8-K and is incorporated herein by reference.
| 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 Credit Agreement, dated as of May 22, 2025, among Core Income Funding III LLC, 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, and State Street Bank and Trust Company, as Collateral Agent and Collateral Custodian. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BLUE OWL CREDIT INCOME CORP. | ||||||
| Dated: May 27, 2025 | By: | /s/ Jonathan Lamm | ||||
| Name: | Jonathan Lamm | |||||
| Title: | Chief Operating Officer and Chief Financial Officer | |||||