Blue Owl OBDC Raises $400M at 6.5% Yield; Blackstone Upgraded to Outperform
Blue Owl Capital’s OBDC unit raised $400 million of investment-grade notes maturing in 2028 at a 6.5% yield and a 2.7-point spread to Treasuries, while its share price has fallen 43% this year and the BDC trades at roughly a 25% discount to NAV. Oppenheimer upgraded Blackstone to Outperform, driving a 1.5% share gain on expectations of strong real estate performance, a capital-light model and potential upside in private credit.
1. Blue Owl OBDC Bond Sale
Blue Owl Capital Inc.’s OBDC unit issued $400 million of investment-grade notes due 2028 at a 6.5% coupon and a 2.7-percentage-point spread over Treasuries. The proceeds are earmarked for refinancing existing debt as OBDC’s share price has declined 43% year to date and its BDC unit trades at a roughly 25% NAV discount.
2. Blackstone Receives Outperform Rating
Oppenheimer upgraded Blackstone Inc. to Outperform, prompting a 1.5% increase in its shares. The upgrade highlights Blackstone’s unmatched real estate platform, capital-light structure and potential rebound in private credit and real estate businesses.