NEW YORK (S&P Global Ratings) May 12, 2025--S&P Global Ratings today assigned its 'BBB-' debt rating to Blue Owl Capital Corp.'s (OBDC) proposed $500 million senior unsecured notes due 2030. We expect the company to use the net proceeds to refinance its $500 million senior unsecured notes due July 2025. The proposed transaction is leverage neutral. However, OBDC?s S&P Global Ratings adjusted debt to adjusted total equity (ATE) is 1.6x as of March 31, 2025 (pro forma for the repayment of $142 million unsecured notes in April), which is well above our downside threshold of 1.5x. We anticipate leverage to decline over the second quarter given leverage by management?s calculation was 1.26x, above their target of 0.9x-1.25x. Leverage was elevated
