By Cristal Cody
Chicago, Sept. 9 – Owl Rock Core Income Corp. priced $600 million of 7.75% senior notes with a five-year tenor (Baa3/BB-) on Friday, according to a market source.
The split-rated transaction came off the investment-grade desk.
The spread on the notes came at 437.5 basis points over Treasuries, with talk at the start of pricing in the 450 bps area.
The notes tightened to 429 bps bid at they hit the secondary market.
The Rule 144A and Regulation S deal was managed by BofA Securities, Inc., MUFG and SMBC Nikko Securities America Inc.
Owl Rock is a business development company based in New York.
| Issuer: | Owl Rock Core Income Corp.
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| Amount: | $600 million
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| Issue: | Senior notes
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| Maturity: | Sept. 16, 2027
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| Bookrunners: | BofA Securities, Inc., MUFG and SMBC Nikko Securities America Inc.
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| Coupon: | 7.75%
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| Spread: | Treasuries plus 437.5 bps
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| Trade date: | Sept. 9
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| Ratings: | Moody’s: Baa3
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| S&P: BB-
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | Treasuries plus 450 bps area
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