December 2, 2019
Owl Rock Capital Corporation II Sells $300 Million in 4.625% Notes
On November 21, 2019, Owl Rock Capital Corporation II, a nontraded BDC, sold $300 million in 4.625% Notes due 2024 to several initial purchasers...

Owl Rock Capital Corporation II Sells $300 Million in 4.625% Notes

November 26, 2019

On November 21, 2019, Owl Rock Capital Corporation II, a nontraded BDC, sold $300 million in 4.625% Notes due 2024 to several initial purchasers, netting proceeds of approximately $294.7 million after deducting the fees paid to Deutsche Bank Securities, Inc. and Goldman Sachs & Co., LLC, of approximately $850,000. The BDC intends to use the proceeds to pay down a portion of the Company’s subsidiaries’ outstanding indebtedness.

The Notes will mature on November 26, 2024, unless repurchased or redeemed in accordance with their terms prior to such date. The Notes bear interest at a rate of 4.625% per year payable semi-annually on May 26 and November 26 of each year, commencing on May 26, 2020. The Notes will be direct, general unsecured obligations and will rank senior in right of payment to all future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the Notes. The Notes will rank pari passu, or equal, in right of payment with all existing and future indebtedness or other obligations that are not so subordinated, or junior, including, without limitation, the promissory notes pursuant to which the Company may borrow up to an aggregate of $50 million from the Advisor, of which none was outstanding as of September 30, 2019.

Since commencing its continuous public offering and through November 25, 2019, the BDC has issued 96,569,088 shares of common stock for gross proceeds of approximately $895.73 million. As of November 25, 2019, it had raised total gross proceeds of approximately $895.73 million, including seed capital contributed by Owl Rock Capital Advisors LLC (the “Adviser”) in September 2016 and approximately $10 million in gross proceeds raised from certain individuals and entities affiliated with the Adviser.

Source:  SEC

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