The non-traded BDC reduced its revolver to $975 million to lower borrowing costs and align with its target leverage.
Managing Director Jason Mehring will replace Tseng as Director, Board Chair, and CEO across three BlackRock BDCs.
The firm also provided updates on its private equity evergreen fund and non-traded BDC, as well as plans to launch new products targeting the wealth segment.
The Philadelphia-based investment manager has expanded its recurring liquidity program to now include five non-traded BDCs.
EvergreenLink's Notice Board shows that investors in OTIC and OCIC sought to withdraw 38.1% and 18.8% of outstanding shares in Q2, respectively.
The firm has adhered to a 5% cap on two private debt BDCs after receiving repurchase requests totaling 22% and 41% of outstanding shares.
"[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.
The investments will be sold at 99.7% of fair value to fund capital distributions and pay down debt.
The quarterly buyback activity redeemed 5% and 15% of outstanding shares, respectively, fully meeting submitted requests.
The unusual move to lift the tender cap limits for Blue Owl OTIC, from 5% of NAV to 17%, aims to assuage investor jitters on private credit funds.
