Owl Rock unit gets $300 million revolver at Libor plus 262.5 bps

By Wendy Van Sickle

Columbus, Ohio, Nov. 17 – ORTF Funding I LLC, a newly formed subsidiary of Owl Rock Technology Finance Corp., entered into a secured credit agreement on Tuesday that provides for up to $300 million of revolving borrowings, subject to a borrowing-base test, according to an 8-K filing with the Securities and Exchange Commission.

The borrowing period is three years, and the maturity date is Nov. 16, 2026.

Goldman Sachs Bank USA is lead arranger, syndication agent and administrative agent.

Borrowings bear interest at Libor plus a spread of 262.5 basis points. The spread is payable on the amount by which the undrawn amount exceeds a minimum threshold, initially zero and ramping to 75% of the commitment amount. The undrawn amount of the commitment not subject to the spread payment is subject to an annual undrawn fee of 50 bps.

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

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