#United States #New York #Saba Capital #Blue Owl II #Cox Capital

Blue Owl Capital Corporation II Confirms Unsolicited Minority Tender Offer

Blue Owl Capital Corporation II, often referred to as OBDC II, has recently announced that it received an unsolicited tender offer from Cox Capital Partners and Saba Capital Management for the acquisition of approximately 8 million shares, which accounts for less than 7% of their outstanding shares. Notably, this offer is at a price that reflects a significant discount of over 30% compared to the company's net asset value (NAV).

The Board of Directors at OBDC II is currently in the process of thoroughly assessing this tender offer to determine the best course of action in line with the interests of its shareholders. This decision will take into account several important factors:

• - OBDC II is already implementing measures to return capital to its shareholders.
• - Shareholders can expect to receive distributions equal to more than 50% of the Company’s net assets, which includes a planned 30% return of capital distribution based on NAV, set to be distributed on or before March 31, 2026.
• - In addition to the standard monthly dividends, OBDC II aims to maintain quarterly distributions exceeding 5% of NAV.
• - Accepting the tender offer would mean shareholders would receive less than the current NAV of their investments, subsequently forfeiting future opportunities for capital returns.
• - Since its inception, OBDC II has reported annualized returns of 9.1%, consistently surpassing relevant leveraged loan indices.

Given these dynamics, the Board encourages OBDC II shareholders not to rush into any precipitate actions. Although the board is evaluating the offer, Blue Owl remains steadfast in its commitment to maximizing the value for all shareholders while ensuring their interests are well protected through the disciplined execution of its investment strategy.

In addition to the tender offer news, OBDC II is using proceeds from a previously announced asset sale to provide a special cash distribution to its shareholders equal to 30% of NAV. This will involve a cash payout of $2.50 per share for all shareholders listed on record as of March 24, 2026, to be executed on or before March 31, 2026.

The company is confident that after settling the asset sale, it will sustain a robust and diversified portfolio—an essential component of its impressive total annualized returns since its inception. OBDC II is poised to maintain a strong liquidity position, showcasing approximately $447 million in cash and undrawn debt capacity, alongside a conservative leverage profile with a net debt-to-equity ratio of 0.52x.

About Blue Owl Capital Corporation II

Blue Owl Capital Corporation II is a specialized finance firm that concentrates on lending to U.S. middle-market companies. As of December 31, 2025, the firm has established investments in 183 portfolio companies, with an aggregate fair value of around $1.6 billion. OBDC II operates under the regulatory framework of the Investment Company Act of 1940, and is managed externally by Blue Owl Credit Advisors LLC, which is an SEC-registered investment adviser connected to Blue Owl Capital Inc., listed on NYSE under the ticker OWL.

Conclusion

As the situation evolves, OBDC II informs its stakeholders to stay updated on the ongoing evaluation of the unsolicited tender offer by the Board. The firm emphasizes that the information provided here is primarily for informational purposes and is not an offering or solicitation pertaining to the shares of OBDC II, nor is it intended to replace the proper tender offer documents that will be filed with the SEC at the time the offer commences. Investors are encouraged to wait for these additional documents to fully understand the implications of the tender offer before making any decisions regarding their shares.