KBRA rates Owl Rock notes BBB

KBRA said it rated Owl Rock Capital Corp. III’s $100 million of 8.1% senior unsecured notes due 2028 BBB.

“The rating reflects the company’s ties to the solid $71.6 billion Blue Owl direct lending platform, the derived benefits from ORCC III’s SEC exemptive relief to co-invest with other Owl Rock companies, and its diversified $3.5 billion investment portfolio with a focus on upper middle market companies with a weighted average EBITDA of $190 million that falls within the typical borrower profile (81.5% of total) in non-cyclical sectors with the majority of investments comprised of senior secured first-lien loans (78%) as of March 31, 2023,” KBRA said in a press release.

The outlook is stable.

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