Oaktree Specialty Lending Corporation (OCSL) Prices $300M Notes Offering

Oaktree Specialty Lending Corporation (NASDAQ: OCSL) today announced that it has priced an underwritten public offering of $300.0 million aggregate principal amount of 7.100% notes due 2029. The notes will mature on February 15, 2029 and may be redeemed in whole or in part at the Company’s option at any time at par plus a “make-whole” premium, if applicable.

OCSL expects to use the net proceeds of this offering to reduce its outstanding debt under its revolving credit facilities and for general corporate purposes.

BofA Securities, Inc., RBC Capital Markets, LLC, J.P. Morgan Securities LLC, and SMBC Nikko Securities America, Inc. are acting as joint book-running managers for this offering. ING Financial Markets LLC, BNP Paribas Securities Corp., CIBC World Markets Corp., Citigroup Global Markets Inc., Keefe, Bruyette & Woods, A Stifel Company, Barclays Capital Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, CIT Capital Securities LLC, B. Riley Securities, Inc., Citizens JMP Securities, LLC, Hovde Group, LLC, Jefferies LLC, Oppenheimer & Co. Inc. and R. Seelaus & Co., LLC are acting as co-managers for this offering. The offering is expected to close on August 15, 2023, subject to customary closing conditions.

Investors are advised to carefully consider the investment objective, risks, charges and expenses of OCSL before investing. The pricing term sheet dated August 8, 2023, the preliminary prospectus supplement dated August 8, 2023 and the accompanying prospectus dated February 7, 2023, each of which have been filed with the Securities and Exchange Commission, contain this and other information about the Company and should be read carefully before investing.

The pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release are not offers to sell any securities of OCSL and are not soliciting an offer to buy such securities in any jurisdiction where such offer and sale is not permitted.

The offering may be made only by means of a preliminary prospectus supplement and an accompanying prospectus. Copies of the preliminary prospectus supplement (and accompanying prospectus) may be obtained from BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte NC 28255-0001, Attn: Prospectus Department, or by calling 1-800-294-1322, or email [email protected]; J.P. Morgan Securities LLC, 383 Madison Avenue, New York NY 10179, Attn: Investment Grade Syndicate Desk, 1-212-834-4533, fax: 212-834-6081; RBC Capital Markets, LLC at Brookfield Place, 200 Vesey Street, 8th Floor, New York, New York 10281, toll-free: 1-866-375-6829; or SMBC Nikko Securities America, Inc. at 277 Park Avenue, New York, New York 10172, Attn: Debt Capital Markets, 1-888-868-6856.

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