Owl Rock Technology Income closes $400 million five-year revolver

By Wendy Van Sickle

Columbus, Ohio, May 4 – Owl Rock Technology Income Corp. entered on May 2 into an agreement providing for an up to $400 million revolving credit facility maturing April 30, 2027, according to an 8-K filing with the Securities and Exchange Commission.

The credit facility is subject to a borrowing base, which is based on the company’s portfolio investments and other outstanding debt. An uncommitted accordion feature permits the revolver to be expanded up to $1.75 billion.

The availability period will end on May 1, 2026.

Between the termination of the availability period and the maturity date the company will be obligated to make mandatory prepayments out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

Sumitomo Mitsui Banking Corp. is administrative agent and sole bookrunner and is a lead arranger along with Truist Securities, Inc. Truist Bank is documentation agent.

OR Tech Lending IC LLC, Ortic BC 1 LLC and Ortic BC 2 LLC guarantee the credit facility.

There is a $200 million sublimit for swingline loans.

Borrowings under the facility bear interest SOFR plus 200 basis points. The company also will pay an unused commitment fee of 37.5 bps per year.

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

Proceeds may be used for general corporate purposes, including the funding of portfolio investments.

The specialty finance company is based in New York.

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