Owl Rock Technology Finance closes $250 million revolver, maturing 2024

By Rebecca Melvin

Concord, N.H., Feb. 23 – Owl Rock Technology Finance Corp. II entered on Feb. 18 into an agreement providing for a $250 million revolving credit facility maturing Feb. 16, 2024, according to an 8-K filing with the Securities and Exchange Commission.

Wells Fargo Bank NA is administrative agent, bookrunner and lender.

The facility may be increased up to a maximum principal amount of $1.5 billion if Wells Fargo or new lenders agree to commit to the increase.

Borrowings under the facility bear interest SOFR plus 175 basis points, subject to a credit spread adjustment ranging from 10 bps to 25 bps. The company also will pay an unused commitment fee of 25 bps per year.

There is an option to extend the maturity date by up to an additional 364 days.

The facility is secured by a perfected first priority security interest in the company’s right, title and interest in and to the capital commitments of the company’s private investors, including the company’s right to make capital calls, receive and apply capital contributions, enforce remedies and related claims with capital call proceeds and related rights, and a pledge of the collateral account into which capital call proceeds are deposited.

The specialty finance company is based in New York.

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