Oaktree Specialty Lending is offering notes and intends to use the net proceeds to reduce its $501.0 million Syndicated Credit Facility Debt and for general corporate purposes. The company may reborrow under the facility for investments or corporate needs, including repayment of its 2.700% notes due 2027 at maturity, creating a linked refinancing plan for investors.

Key Highlights

  • Oaktree Specialty Lending intends to direct net offering proceeds toward its Syndicated Credit Facility and general corporate purposes.
  • The facility carried a weighted average Interest Rate of 5.744% for the nine months ended June 30, 2026.
  • As of September 4, 2026, principal debt stood at $1,401 million, including $950.0 million of unsecured and unsubordinated debt.

Oaktree Specialty Lending Corp. (NASDAQ: OCSL) is offering notes and plans to use the proceeds to reduce debt under its Syndicated Credit Facility, which had $501.0 million outstanding as of June 30, 2026. The proceeds are also earmarked for general corporate purposes. The company may later reborrow under the facility for investments and other corporate needs, including repayment of its 2.700% notes at maturity. The offering is being made through a preliminary prospectus supplement dated September 9, 2026. Oaktree Specialty Lending said the notes will be senior securities, with the specific offering terms set out in the supplement.

Notes Proceeds Target Facility

The company intends to apply the net proceeds to its Syndicated Credit Facility after Underwriting discounts and estimated offering expenses. Estimated offering expenses are approximately $0.8 million. The facility bore interest at a weighted average rate of 5.744% for the nine months ended June 30, 2026. Its Maturity date is April 8, 2030. Oaktree Specialty Lending may reborrow under the facility to make investments consistent with its Investment objective and strategies or to meet general corporate purposes. Those affiliates may receive more than 5% of the offering proceeds if the money is used to repay part of the existing facility debt.

Debt Structure At June 30

Unsecured notes payable, net of $4,954 thousand in unamortized financing costs, totaled $937,842 thousand. Total long-term debt was $1,438,842 thousand. Cash, cash equivalents and restricted cash were $39,921 thousand, while total net Assets were $1,383,055 thousand. Common stock had a $0.01 par value, with 250,000 shares authorized and 88,086 shares issued and outstanding.

Principal Debt Split

As of September 4, 2026, Oaktree Specialty Lending had $1,401 million of principal debt outstanding. Of that amount, $950.0 million was unsecured and unsubordinated debt, while $451.0 million was secured debt.

Redemption Terms Set Out

Oaktree Specialty Lending may redeem the notes before the applicable par call date at a price based on the greater of a Treasury Rate calculation or 100% of principal, plus accrued and unpaid interest.