The unsolicited bid comes just three days after Blue Owl Credit Income Corp. disclosed 16.8% in Q3 redemption requests.
The commencement date adjustment follows Blue Owl's request for a new notice, citing a material difference between the originally proposed and announced purchase amounts.
The Canadian bank now holds 10.5% of Blue Owl Credit Income Corp. as shareholders sought to withdraw 16.8% of outstanding shares in Q3.
"The Cox Capital Offer appears designed to transfer value from BCRED shareholders to Cox Capital and its investors," according to a Board recommendation viewed in EvergreenLink's Notice Board.
Cox Capital Retail Secondaries Fund I is currently running cash tender offers for five non-traded BDCs managed by Blue Owl, Ares, Apollo, and BlackRock.
The Philadelphia-based investment manager has expanded its recurring liquidity program to now include five non-traded BDCs.
The vehicle is targeting interval fund deals, while also reviewing feeder fund portfolios, a source told SecondaryLink.
The ~$30 million transaction will provide liquidity to shareholders in private debt funds managed by BlackRock, Apollo, and Ares at 15-30% discounts.
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.
"[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.
