Owl Rock Capital closes $375 million senior secured revolver

By Marisa Wong

Los Angeles, Sept. 15 – Owl Rock Capital Corp. III entered into a senior secured revolving credit agreement on Sept. 10 for a $375 million facility that became effective on Sept. 13, according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA is administrative agent and a joint lead arranger and joint bookrunner alongside MUFG Union Bank, NA and Sumitomo Mitsui Banking Corp.

The facility is guaranteed by subsidiary OR Lending III LLC.

The borrowing base is based on the company’s portfolio investments and other outstanding indebtedness.

Maximum capacity under the facility may be increased to $1.1 billion through the exercise of an uncommitted accordion feature.

The facility is secured by a perfected first-priority interest in substantially all of Owl Rock’s portfolio investments and includes a $50 million limit for swingline loans.

The availability period will terminate on Sept. 9, 2025, and the facility will mature on Sept. 9, 2026.

Borrowings will bear interest at Libor plus a margin of 200 basis points.

The company will also pay a 37.5-bps fee on undrawn amounts.

The company must make mandatory prepayments out of the proceeds of asset sales and other recovery events and equity and debt issuances.

The facility contains financial covenants related to asset coverage and liquidity and other maintenance covenants.

Proceeds may be used for general corporate purposes, including the funding of portfolio investments.

Owl Rock Capital is a business development company based in New York.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.