NEW
YORK, Jan. 16, 2024 /PRNewswire/ -- Blue Owl
Capital Corporation III ("OBDE" or the "Company"), a leading
business development company ("BDC") focused on lending to U.S.
upper middle-market companies, announced today that it intends to
list the Company's shares of common stock on the New York Stock
Exchange ("NYSE"). Subject to market conditions, the Company
anticipates that its shares of common stock will commence trading
on the NYSE on January 25, 2024 under
the ticker symbol "OBDE".
The senior management team of Blue Owl Capital Corporation III
includes Craig W. Packer, Chief
Executive Officer and Director; Logan
Nicholson, President; Jonathan
Lamm, Chief Financial Officer; and Bryan Cole, Chief Operating Officer.
The Company will hold a conference call on Wednesday, January 17, 2024, at 9:00 a.m. Eastern Time to provide additional
details regarding the anticipated listing.
The Company plans to disclose preliminary estimates of fourth
quarter 2023 results by January 24,
2024, before market open. OBDE expects to release full
financial results for the fourth quarter and fiscal year 2023 on
Wednesday, February 21, 2024, after
market close, followed by a shareholder letter.
Distributions Declared
The board of directors of the Company (the "Board") declared a
first quarter 2024 regular dividend of $0.35 per share for stockholders of record as of
March 29, 2024, payable on or before
April 15, 2024.
In conjunction with the listing, the Board declared five special
dividends of $0.06 per share, payable
on a quarterly basis to shareholders of record in accordance with
the following schedule.
Declaration
Date
|
Record
Date
|
Payment
Date
|
Amount Per
Share
|
1/12/2024
|
5/31/2024
|
6/14/2024
|
$0.06
|
1/12/2024
|
8/30/2024
|
9/13/2024
|
$0.06
|
1/12/2024
|
11/29/2024
|
12/13/2024
|
$0.06
|
1/12/2024
|
2/28/2025
|
3/14/2025
|
$0.06
|
1/12/2024
|
5/30/2025
|
6/13/2025
|
$0.06
|
Share Repurchase Program
In connection with the listing, the Company's Board approved a
repurchase program under which up to $100
million of outstanding common stock may be repurchased.
Under the program, purchases may be made at management's discretion
from time to time in open-market transactions, in accordance with
all applicable securities laws and regulations.
The program is expected to be in effect for one year from the
listing of the Company's common stock or until the aggregate
repurchase amount that has been approved by the Board has been
expended. The program does not require the Company to repurchase
any specific number of shares.
Waiver of Transfer Restrictions
In connection with the listing, the Board has waived the
transfer restrictions contained in the Company's amended and
restated articles of incorporation (the "Charter") with respect to
5,870,466 shares of the Company's common stock. The Charter
provides for the balance of shares to be released in three equal
tranches on the following schedule:
- 180 days after the listing (the "First Lock-Up Period");
- 270 days after the listing (the "Second Lock-Up Period");
and
- 365 days after the listing (the "Third Lock-Up Period").
Upon listing, a pro rata portion of each shareholder's shares of
OBDE common stock will be released from each of the First, Second
and Third Lock-Up Periods. The released shares will account for
approximately 5% of each shareholder's position and will be freely
tradeable once trading commences on the NYSE.
Advisors
BofA Securities, J.P. Morgan, and RBC Capital Markets are
serving as lead advisors to the Company in connection with its
proposed listing.
CONFERENCE CALL AND WEBCAST INFORMATION
A conference call to discuss additional details of OBDE's
listing will be broadcast live on January
17, 2024 at 9:00 a.m. Eastern
Time on the Company's website at
www.BlueOwlCapitalCorporationIII.com. Please visit the website to
test the connection before the webcast.
Participants are also invited to access the conference call by
dialing one of the following numbers:
- Domestic: (877) 407-9714
- International: +1 (201) 689-8865
All callers will need to reference "Blue Owl Capital Corporation
III" once connected with the operator. All callers are asked to
dial in 10-15 minutes prior to the call so that name and
company information can be collected.
Replay Information
An archived replay will be available via a webcast link located
on OBDE's website for one year, and via
the dial-in numbers listed below for 14 days:
- Domestic: (877) 660-6853
- International: +1 (201) 612-7415
- Access Code: 13743246
Additional information including SEC filings and investor
presentation can be found at the Company's website,
www.BlueOwlCapitalCorporationIII.com.
ABOUT BLUE OWL CAPITAL CORPORATION III
Blue Owl Capital Corporation III (NYSE: OBDE) is a specialty
finance company focused on lending to U.S. upper middle-market
companies. As of September 30, 2023,
OBDE had investments in 146 portfolio companies with an aggregate
fair value of $3.6 billion. OBDE has
elected to be regulated as a business development company under the
Investment Company Act of 1940, as amended. OBDE is externally
managed by Blue Owl Diversified Credit Advisors, an SEC-registered
investment adviser that is an indirect affiliate of Blue Owl
Capital Inc. ("Blue Owl") (NYSE: OWL) and is a part of Blue Owl's
Credit platform.
Certain information contained herein may constitute
"forward-looking statements" that involve substantial risks and
uncertainties. Such statements involve known and unknown risks,
uncertainties and other factors and undue reliance should not be
placed thereon. These forward-looking statements are not historical
facts, but rather are based on current expectations, estimates and
projections about OBDE, its current and prospective portfolio
investments, its industry, its beliefs and opinions, and its
assumptions. Words such as "anticipates," "expects," "intends,"
"plans," "will," "may," "continue," "believes," "seeks,"
"estimates," "would," "could," "should," "targets," "projects,"
"outlook," "potential," "predicts" and variations of these words
and similar expressions are intended to identify forward-looking
statements. These statements are not guarantees of future
performance and are subject to risks, uncertainties and other
factors, some of which are beyond OBDE's control and difficult to
predict and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements
including, without limitation, the risks, uncertainties and other
factors identified in OBDE's filings with the SEC. Investors should
not place undue reliance on these forward-looking statements, which
apply only as of the date on which OBDE makes them. OBDE does not
undertake any obligation to update or revise any forward-looking
statements or any other information contained herein, except as
required by applicable law.
INVESTOR CONTACTS
Investor Contact:
Dana
Sclafani
212-419-3000
credit-ir@blueowl.com
Media Contact:
Prosek Partners
Josh Clarkson
pro-blueowl@prosek.com
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SOURCE Blue Owl Capital Corporation III