Owl Rock to price $200 million add-on to 2.875% notes due 2028; talk 190 bps area over Treasuries

By Marisa Wong and Cristal Cody

Los Angeles, Aug. 10 – Owl Rock Capital Corp. will price additional 2.875% notes due 2028, according to a 424B2 filing with the Securities and Exchange Commission.

The add-on is expected as $200 million of notes due June 11, 2028 talked to yield in the 190 basis points area over Treasuries, according to a market source.

The notes will be treated as a single series with the existing $450 million of 2.875% notes due 2028 (Baa3/BBB-/BBB-) issued on June 11.

The notes will have a make-whole call and then a par call. The notes will also be putable upon a change of control.

BofA Securities, Inc., ING Financial Markets LLC, MUFG, SMBC Nikko Securities America, Inc. and Truist Securities, Inc. are the joint bookrunners.

The New York-based middle-market debt and equity asset management company plans to use proceeds to repay debt, including debt under its special purpose vehicle asset credit facilities maturing Dec. 14, 2023 and April 1, 2030.

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