Material Agreement Form 8 K

Item 1.01. Entry into a Material Definitive Agreement.

On September 13, 2024, Blue Owl Credit Income Corp. (the "Company") completed its offering of $1.0 billion aggregate principal amount of its 5.800% notes due 2030 (the "Notes"). The offering was consummated pursuant to the terms of a purchase agreement (the "Purchase Agreement"), dated September 10, 2024, among the Company and Blue Owl Credit Advisors LLC, on the one hand, and Wells Fargo Securities, LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC and SMBC Nikko Securities America, Inc., as representatives of the several initial purchasers listed on Schedule 1 thereto (the "Initial Purchasers"), on the other hand. The Purchase Agreement provided for the Notes to be issued to the Initial Purchasers in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), and for initial resale by the Initial Purchasers to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and non-U.S. personsoutside the United States in compliance with Regulation S under the Securities Act. The Company is relying upon these exemptions from registration based in part on representations made by the Initial Purchasers. The Purchase Agreement also includes customary representations, warranties and covenants by the Company. Under the terms of the Purchase Agreement, the Company has agreed to indemnify the Initial Purchasers against certain liabilities under the Securities Act, or to contribute to payments the Initial Purchasers may be required to make in respect of those liabilities. The Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

On September 13, 2024, the Company completed its offering of the Notes pursuant to the terms of the Purchase Agreement. The net proceeds from the sale of the Notes were approximately $978.2 million, after deducting the fees paid to the Initial Purchasers and estimated offering expenses of approximately $2.5 million, each payable by the Company. The Company intends to use the net proceeds to pay down a portion of its outstanding indebtedness under a senior secured revolving credit facility (the "Revolver"), which matures on November 2, 2028, and SPV Asset Facility II, which matures on October 5, 2028. Amounts drawn under the Revolver and SPV Asset Facility II bear interest at SOFR plus an applicable margin. As of June 30, 2024, the Company had $1.6 billion outstanding under the Revolver and $995.0 million outstanding under SPV Asset Facility II. Affiliates of certain initial purchasers are lenders under the Revolver and SPV Asset Facility II. Accordingly, affiliates of certain of the initial purchasers may receive more than 5% of the proceeds of this offering to the extent the proceeds are used to pay down a portion of the outstanding indebtedness under the Revolver and SPV Asset Facility II.

The Notes were issued pursuant to an Indenture dated as of September 23, 2021 (the "Base Indenture"), between the Company and Truist Bank, as successor to Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the "Trustee"), and a Ninth Supplemental Indenture, dated as of September 13, 2024 (the "Ninth Supplemental Indenture" and together with the Base Indenture, the "Indenture"), between the Company and the Trustee. The Notes will mature on March 15, 2030 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the Indenture. The Notes bear interest at a rate of 5.800% per year payable semi-annually on March 15 and September 15 of each year, commencing on March 15, 2025. The Notes will be the Company's direct, general unsecured obligations and will rank senior in right of payment to all of the Company's future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the Notes. The Notes will rank pari passu, or equal, in right of payment with all of the Company's existing and future indebtedness or other obligations that are not so subordinated, or junior to the Notes, including, without limitation, the Company's 5.500% notes due 2025 of which $500.0 million was outstanding as of June 30, 2024, 3.125% notes due 2026 of which $350.0 million was outstanding as of June 30, 2024, 4.700% notes due 2027 of which $500.0 million was outstanding as of June 30, 2024, 7.750% notes due 2027, of which $600.0 million was outstanding as of June 30, 2024, 7.950% notes due 2028, of which $650.0 million was outstanding as of June 30, 2024, 7.750% notes due 2029, of which $550.0 million was outstanding as of June 30, 2024, 6.600% notes due 2029, of which $500.0 million was outstanding as of June 30, 2024, and 6.650% notes due 2031, of which $750.0 million was outstanding as of June 30, 2024. The Notes will rank effectively subordinated, or junior, to any of the Company's future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, including, without limitation, borrowings under the Revolver. The Notes will rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities, including, without limitation, borrowings under the Company's seven special purpose vehicle asset credit facilities, of which approximately $2.7 billion was outstanding as of June 30, 2024, and the Company's collateralized loan obligation transactions, of which approximately $1.5 billion was outstanding as of June 30, 2024.

The Indenture contains certain covenants, including covenants requiring the Company to (i) comply with Section 18(a)(1)(A) of the Investment Company Act of 1940, as amended (the "1940 Act"), as modified by Section 61(a) of the 1940 Act, for the period of time during which the Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the Indenture.

In addition, if a change of control repurchase event, as defined in the Indenture, occurs prior to maturity, holders of the Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the Notes at a repurchase price equal to 100% of the aggregate principal amount of the Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.

A copy of the Base Indenture and Ninth Supplemental Indenture are attached hereto as Exhibits 4.1 and 4.2, respectively and are incorporated herein by reference. The description of the Notes contained in this Form 8-Kis qualified in its entirety by reference to the foregoing.

Registration Rights Agreement

In connection with the offering, the Company entered into a Registration Rights Agreement, dated as of September 13, 2024 (the "Registration Rights Agreement"), with Wells Fargo Securities, LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC and SMBC Nikko Securities America, Inc., as representatives of the Initial Purchasers. Pursuant to the Registration Rights Agreement, the Company is obligated to file with the Securities and Exchange Commission a registration statement with respect to an offer to exchange the Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the Notes. If the Company fails to satisfy its registration obligations under the Registration Rights Agreement, it will be required to pay additional interest to the holders of the Notes.

The foregoing description of the Registration Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Registration Rights Agreement, filed as an exhibit hereto and incorporated by reference herein.