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Bond Market News
Blue Owl Urges Investors to Reject Tender Offer from Saba and Cox
March 16, 2026
Blue Owl Capital is urging shareholders to reject a tender offer from Saba Capital Management and Cox Capital Partners to purchase shares of Blue Owl Capital Corp. II (OBDC II). It argues that the offer significantly undervalues the fund. The board said the proposal reflects about a 33% discount to the fund’s net asset value (NAV) and warned that investors accepting the offer would give up exposure to a strong-performing portfolio. Saba’s and Cox’s move followed the report that Blue Owl had restricted withdrawals from OBDC II. They argue that some investors might prefer immediate liquidity over remaining invested in funds whose loan portfolios may be overstated relative to the NAV. Blue Owl has since begun returning capital to investors, including by selling a $1.4bn loan portfolio. The tender offer opened on March 6 and is expected to close in late April. Meanwhile, the broader private credit sector faces rising investor concerns about exposures to software companies, prompting increased redemption requests.
Blue Owl’s 6.2% 2030s traded stable at 98.1, yielding 6.7%.
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