Owl Rock’s Athena enters $300 million secured credit facility

By Marisa Wong

Los Angeles, Nov. 10 – Athena Funding II LLC, a newly formed subsidiary of Owl Rock Technology Finance Corp. II, entered into a secured credit facility on Nov. 8 with MUFG Bank, Ltd. as administrative agent, State Street Bank and Trust Co. as collateral agent and collateral administrator and Alter Domus (US) LLC as custodian, according to an 8-K filing with the Securities and Exchange Commission.

The maximum principal amount of the credit facility is $300 million. Availability is subject to a borrowing base test.

The credit facility has a two-year reinvestment period and matures three years after the last day of the reinvestment period.

The credit facility may be permanently reduced, in whole or in part, at the option of Athena Funding II.

Amounts drawn bear interest at a cost of funds rate as determined by MUFG periodically (or term SOFR in some cases) plus an applicable margin of 285 basis points during the reinvestment period and 325 bps after the end of the reinvestment period.

During the reinvestment period, there is an unused fee of 50 bps on the undrawn amount, if any, of the revolving commitments.

Borrowings of Athena Funding II are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

The specialty finance company is based in New York.

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