Filed Pursuant to Rule 497(a)
Registration No. 333-234798
Rule
482ad
Oaktree Specialty Lending Corporation Prices Public Offering of
$300,000,000 3.500% Notes due 2025
LOS
ANGELES, CA, February 13, 2020 Oaktree Specialty Lending Corporation (NASDAQ: OCSL) (Oaktree Specialty Lending or the Company), a specialty finance company, today announced that it has priced an underwritten
public offering of $300 million aggregate principal amount of 3.500% notes due 2025. The notes will mature on February 25, 2025 and may be redeemed in whole or in part at the Companys option at any time at par plus a
make-whole premium, if applicable.
J.P. Morgan Securities LLC, BofA Securities, Inc., RBC Capital Markets, LLC and ING Financial Markets LLC
are acting as joint book-running managers for this offering. Barclays Capital Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, KeyBanc Capital Markets Inc., MUFG Securities Americas Inc., Citigroup Global Markets Inc., HSBC
Securities (USA) Inc., Morgan Stanley & Co., CIT Capital Securities LLC, R. Seelaus & Co., LLC, Janney Montgomery Scott LLC, Jefferies LLC, JMP Securities LLC, Keefe, Bruyette & Woods, Inc. and Wells Fargo Securities, LLC
are acting as co-managers for this offering. The offering is expected to close on February 25, 2020, subject to customary closing conditions.
Oaktree Specialty Lending expects to use the net proceeds of this offering to reduce its outstanding debt, including its 5.875% unsecured notes due 2024, its
6.125% unsecured notes due 2028 and a portion of the borrowings under its revolving credit facility, and for general corporate purposes.
Investors are
advised to carefully consider the investment objective, risks, charges and expenses of Oaktree Specialty Lending before investing. The pricing term sheet dated February 13, 2020, the preliminary prospectus supplement dated February 13,
2020 and the accompanying prospectus dated January 13, 2020, 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
Oaktree Specialty Lending 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 J.P. Morgan Securities LLC at 383 Madison
Avenue, New York, NY 10179, Attn: Investment Grade Syndicate Desk, facsimile: 212-834-6081; BofA Securities, Inc. at 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001, Attention: Prospectus Department, Ph.: 1-800-294-1322; RBC Capital Markets, LLC at 200 Vesey Street, 8th Floor, New York, NY 10281, Attention: Transaction Management, facsimile: 212-658-6137; or ING Financial Markets LLC at 1133 Avenue of the Americas, New York, NY 10036, Attention: Investment Grade Syndicate Desk, facsimile: 646-424-6718.