The Luxembourg-domiciled fund, administered by fundcraft, targets annual net returns of 15% to 20% through direct, follow-on, and select secondary investments.
The transaction forms part of a broader liquidity plan tied to shareholder approval of Rockford Tower as the CLO-focused fund's new sub-adviser.
Proceeds from the 7.600% issuance maturing in 2031 may be used for general corporate purposes and to repay existing borrowings.
OCIC and OTIC will buy back around $1.1 billion combined, leaving roughly $3.14 billion of Q3 demand unfulfilled.
"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.
Quarterly repurchase requests at GS Credit have historically remained below the fund's 5% offer cap.
