Owl Rock Capital Corporation II Decreases Offering Price
October 11, 2019 | James Sprow | Blue Vault
On October 9, 2019, Owl Rock Capital Corporation II (“the Company”) decreased its public offering price from $9.56 per share to $9.49 per share. The decrease in the public offering price will be effective as of the Company’s October 9, 2019, weekly closing and first applied to subscriptions in good order from October 3, 2019, through October 9, 2019.
In accordance with the Company’s previously disclosed share pricing policy, the Company determined that a decrease in the public offering price per share was warranted following a decrease in the Company’s net asset value per share to $9.02 as of October 9, 2019. As a result of the decrease in the Company’s public offering price, the maximum sales load and net proceeds per share will be approximately $0.47 per share and $9.02 per share, respectively.
Since commencing its continuous public offering and through October 9, 2019, the Company has issued 88,439,659 shares of common stock for gross proceeds of approximately $821.06 million. As of October 9, 2019, it had raised total gross proceeds of approximately $821.06 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.
The Company has been distributing $0.17 per share on a quarterly basis and had a six-month YTD total return according to Blue Vault of 3.70% as of June 30, 2019, and annual total returns in 2017 and 2018 of 5.90% and 6.70%, respectively.
Owl Rock Capital Corporation II is a nontraded BDC (Business Development Company) with the investment objective to generate current income, and to a lesser extent, capital appreciation by targeting investment opportunities, primarily originating and making loans to, and making debt and equity investments in, U.S. middle market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity-related securities which include common and preferred stock, securities convertible into common stock, and warrants. It defines “middle market companies” to generally mean companies with earnings before interest expense, income tax expense, depreciation and amortization, or “EBITDA,” between $10 million and $250 million annually and/or annual revenue of $50 million to $2.5 billion at the time of investment.
Source: SEC, Blue Vault
