Published on 10/1/2019 in the Prospect News Investment Grade Daily.
New Issue: Owl Rock prices $425 million 4% senior notes due 2025 at Treasuries plus 260 bps
By Cristal Cody
Tupelo, Miss., Oct. 1 – Owl Rock Capital Corp. priced $425 million of senior notes due March 30, 2025 (Baa3/BBB-/BBB-) on Tuesday at a spread of Treasuries plus 260 basis points, according to a market source and a 497AD filing with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 275 bps area with guidance firmed to the Treasuries plus 265 bps area.
The notes priced at 99.476 to yield 4.108%.
BofA Securities, Inc. was the active bookrunner. Joint bookrunners were Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, ING Financial Markets LLC, MUFG, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc., SG Americas Securities LLC and SunTrust Robinson Humphrey Inc.
Owl Rock Capital held fixed income investor calls on Wednesday and Thursday.
The New York-based middle-market debt and equity asset management company plans to use the proceeds to repay borrowings under its revolving credit facility that matures April 2, 2024.
| Issuer: | Owl Rock Capital Corp.
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| Amount: | $425 million
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| Description: | Senior notes
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| Maturity: | March 30, 2025
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| Bookrunners: | BofA Securities, Inc. (active), Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, ING Financial Markets LLC, MUFG, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc., SG Americas Securities LLC and SunTrust Robinson Humphrey Inc.
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| Co-managers: | Compass Point Research & Trading, LLC, Credit Suisse Securities (USA) LLC, ICBC Standard Bank plc, Janney Montgomery Scott LLC, JMP Securities LLC, Keefe, Bruyette & Woods, Inc., Ladenburg Thalmann & Co. Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC, Raymond James & Associates, Inc., Seaport Global Securities LLC and Wells Fargo Securities, LLC
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| Coupon: | 4%
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| Price: | 99.476
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| Yield: | 4.108%
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| Spread: | Treasuries plus 260 bps
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| Call features: | Make-whole call before Feb. 28, 2025 at price equal to greater of par or Treasuries plus 40 bps; thereafter at par
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| Trade date: | Oct. 1
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| Settlement date: | Oct. 8
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| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Fitch: BBB-
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 265 bps area, plus or minus 5 bps; initial talk at Treasuries plus 275 bps area
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