The announcement comes as investors in Blue Owl's non-traded BDC shunned an earlier Saba and Cox Capital joint-offer to repurchase shares at a steep discount.
The unsolicited bid comes just three days after Blue Owl Credit Income Corp. disclosed 16.8% in Q3 redemption requests.
After an unsuccessful first attempt, Cox has come back to the table with an unsolicited bid valuing Class I shares at ~13% below their August 31 NAV.
The private debt veteran will focus on providing financing & liquidity solutions for sponsors, including NAV lending and continuation vehicle capital.
Cox Capital currently has outstanding cash offers for five private debt vehicles, with discounts to NAV ranging from 14% to 37%.
The Philadelphia-based investment manager has expanded its recurring liquidity program to now include five non-traded BDCs.
The unsolicited bid priced shares at 85% of NAV, the smallest discount of the three Cox offers targeting BDCs managed by Ares, BlackRock, and Apollo.
The secondary sale reportedly involves loan positions tied to one of the firm's interval funds.
The non-traded fund currently has more than $2 billion in outstanding redemption requests.
"[our] objective is consistent with our broader mandate: providing institutional quality liquidity solutions to an underserved retail and mass affluent market," CEO John Cox told EvergreenLink.
