PIMCO announced on April 15 that it had purchased the entire $400 million bond issuance issued by Blue Owl Capital Corp. (OBDC) on April 13, 2026. The transaction was executed after market close on the day of the announcement.
The bonds were issued by Blue Owl Capital Corp., a publicly traded business development company affiliated with Blue Owl Capital Inc. Morgan Stanley & Co. served as the sole bookrunner. The notes mature on September 15, 2028, were priced to yield 6.5% (6.4% in one source), and received investment‑grade ratings of Baa2 from Moody’s, BBB‑ from S&P Global Ratings, and BBB from Fitch Ratings.
PIMCO’s decision to acquire the full offering signals strong confidence in Blue Owl’s credit quality and liquidity position. By absorbing the entire issue, PIMCO provides the issuer with immediate capital and demonstrates that the debt is attractive to large, risk‑averse investors, reinforcing market perception of Blue Owl’s permanent‑capital model.
Blue Owl’s BDC portfolio was valued at $16.5 billion as of December 31, 2025, comprising 234 portfolio companies, 79% of which are senior secured and 96% floating‑rate debt. In Q4 2025 the company reported an adjusted net investment income of $0.36 per share and a NAV per share of $14.81, underscoring the strength of its income‑generating assets and the resilience of its fee‑related earnings stream.
The announcement was well received by investors, reflecting confidence in Blue Owl’s credit quality amid a turbulent private‑credit market. The deal comes at a time when other BDCs face redemption pressures and potential downgrades, and it highlights the appeal of permanent‑capital structures that mitigate redemption risk.
The $400 million infusion of cash enhances Blue Owl’s liquidity, supports ongoing lending activities, and may reduce the need for future debt issuances at higher rates. The transaction also reinforces the firm’s ability to maintain a stable fee‑related earnings stream and positions it to capitalize on opportunities in the private‑credit space.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.