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Owl Rock Capital Corp Unit ORCC Financing III Enters Financing Agreement

December 21, 2018

Owl Rock Capital Corp Unit ORCC Financing III Enters Financing Agreement

December 20, 2018 | James Sprow | Blue Vault

Owl Rock Capital Corp unit ORCC Financing III LLC entered into a $500 million loan financing and servicing agreement with various lenders.

Owl Rock expects to sell and contribute certain loan assets to ORCC Financing III in accordance with a sale and contribution agreement. Proceeds from the credit facility will be used to finance the origination and acquisition of eligible assets by the unit, including the purchase of such assets from the company.

The facility provides for the ability to borrow, reborrow, repay and prepay advances for up to three years after December 14, unless extended. Amounts drawn under the facility bear interest at London inter-bank offered rate (Libor) plus a spread of 2.20% per annum.

ORCC Financing is the borrower, Owl Rock is the equity holder and services provider, Deutsche Bank AG New York Branch is the facility agent, State Street Bank and Trust Co. is the collateral agent, and Cortland Capital Market Services LLC is the collateral custodian under the facility.

Owl Rock manages several BDCs, including Owl Rock Capital Corporation II, which focus on providing senior-secured loans to middle-market companies. For more information about Owl Rock’s BDCs, see the Blue Vault article, “Owl Rock’s Public BDC Succeeds by Giving Investors Lower Fees and Quality Credit Portfolio (Part 2 of 3)”

Sources:  SEC, Blue Vault

 

Learn more about Owl Rock Capital Partners on the Blue Vault Sponsor Focus page

 

Owl Rock’s Public BDC Succeeds by Giving Investors Lower Fees and Quality Credit Portfolio (Part 2 of 3)

Owl Rock Capital: A Dominant and Innovative Force in the BDC Sector (Part 1 of 3)

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