...August 11, 2026 NEW YORK (S&P Global Ratings) Aug. 11, 2026--S&P Global Ratings today said it assigned its '###' issue rating to Blue Owl Capital Inc.'s subsidiary Blue Owl Finance LLC's (###/Stable/--) proposed issuance of senior unsecured notes due 2036. The company will use the proceeds primarily to repay a portion of outstanding borrowings under its revolving credit facility. As of Aug. 11, 2026, the $2.5 billion facility had $925 million outstanding. We expect the transaction to be leverage neutral, given the use of proceeds to repay outstanding debt. Pro forma for the issuance, we expect weighted average leverage, as measured by debt to EBITDA, to remain 2.5x-3.0x (including the tax receivable agreement) or 1.5x-2.0x (excluding the tax receivable agreement). Our stable outlook reflects our expectation that the company will continue to increase fee-paying assets under management and earnings in the next 18-24 months while sustaining its strong liquidity, debt to EBITDA of 2.5x-3.0x,...
