Owl Rock Core Income unit enters $500 million 10-year revolver

By Marisa Wong

Los Angeles, Oct. 18 – ORCIC JV WH II LLC entered into an up to $500 million revolving loan facility on Oct. 14 with Royal Bank of Canada as a lender and as administrative agent, according to a an 8-K filing with the Securities and Exchange Commission.

The borrower is a wholly owned subsidiary of ORCIC BC 9 LLC, which is a wholly owned subsidiary of Owl Rock Core Income Corp.

Loans will mature on the first payment date to occur following the 10th anniversary of the closing.

Interest is equal to term SOFR plus an applicable margin of 155 basis points.

A structuring fee equal to $1 million is payable by the borrower to the administrative agent on the first payment date following closing.

Loan proceeds are to be used for acquiring and funding collateral assets, payment of government fees and administrative expenses, funding of certain accounts and making distributions, contributions and investments.

The business development company is based in New York.

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