BLUE OWL CAPITAL CORPORATION II BOARD UNANIMOUSLY RECOMMENDS SHAREHOLDERS REJECT UNSOLICITED MINORITY OFFER FROM COX AND SABA

Core Viewpoint - Blue Owl Capital Corporation II's Board of Directors unanimously recommends shareholders reject the unsolicited minority tender offer from Cox Capital Partners and Saba Capital Management, citing the offer's significant discount to net asset value (NAV) and the ongoing capital return initiatives already in place [1]. Group 1: Offer Details - The unsolicited tender offer involves up to 8,000,000 shares for approximately $30 million, representing less than 7% of the outstanding shares [1]. - The offer price reflects a discount of approximately 33.2% to the NAV, which the Board believes undervalues the long-term potential of OBDC II shares [1]. - The Board has advised shareholders to simply not respond to any offer materials received to reject the tender offer [1]. Group 2: Reasons to Reject the Offer - Tendering shares would prevent shareholders from receiving future distributions and appreciating the value of their shares [1]. - The offer price is deemed inadequate and arbitrary, significantly undervaluing OBDC II's assets and liquidity access [1]. - BofA Securities provided an opinion stating the offer price is inadequate from a financial perspective for OBDC II shareholders [1][2]. Group 3: Company Performance and Future Plans - OBDC II has delivered a 9.1% annualized return since inception, outperforming leveraged loan indices [1]. - Shareholders are expected to receive payments equal to 50% or more of OBDC II's net assets in 2026, including a return of capital distribution of 30% of NAV to be paid by March 31, 2026 [1]. - The company plans to prioritize additional return of capital distributions on a quarterly basis of 5% or more, alongside regular monthly dividends [1].