Chicago, July 21 – Owl Rock Capital Corp. III placed $332 million of series 2022A notes in a private placement with qualified institutional investors, according to an 8-K filed with the Securities and Exchange Commission.
The master note purchase agreement covers $142 million of 7½% tranche A notes due July 21, 2025 and $190 million of 7.58% tranche B notes due July 21, 2027.
The are guaranteed by OR Lending III LLC.
The notes can be redeemed early with a Treasuries plus 50 basis points make-whole premium or at par plus interest, based on the timing of the early redemption. The make-whole period ends on April 21, 2025 for the tranche A notes and Jan. 21, 2027 for the tranche B notes.
There are change-of-control provisions.
There are step-ups on the coupon in some cases. If there is a below-investment-grade event, the coupons will step up 100 bps. If there is a secured-debt-ratio event, the rate steps up 150 bps. If both events were to occur simultaneously, the rate would step up 200 bps until one event is no longer occurring.
The private business development company is based in New York.
| Issuer: | Owl Rock Capital Corp. III
|
| Guarantor: | OR Lending III LLC
|
| Issue: | Notes
|
| Amount: | $332 million
|
| Settlement date: | July 21
|
| Distribution: | Private placement
|
|
|
| Tranche A
|
| Amount: | $142 million
|
| Issue: | Series 2022A notes, tranche A
|
| Maturity: | July 21, 2025
|
| Coupon: | 7½%
|
| Price: | Par
|
| Yield: | 7½%
|
| Call features: | Make-whole call at Treasuries plus 50 bps until April 21, 2025; thereafter at par
|
| Change of control put: | At par
|
|
|
| Tranche B
|
| Amount: | $190 million
|
| Issue: | Series 2022A, tranche B
|
| Maturity: | July 21, 2027
|
| Coupon: | 7.58%
|
| Price: | Par
|
| Yield: | 7.58%
|
| Call features: | Make-whole call at Treasuries plus 50 bps until Jan. 21, 2027; thereafter at par
|
| Change of control put: | At par
|
|
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