Owl Rock talks benchmark offering of five-year notes at Treasuries plus 325 bps spread area

By Cristal Cody

Tupelo, Miss., April 4 – Owl Rock Capital Corp. plans to price a benchmark-sized offering of five-year senior notes (Baa3/BBB-/BBB-), according to a market source and a 497AD filing with the Securities and Exchange Commission on Thursday.

Initial price talk on the notes due April 15, 2024 is in the Treasuries plus 325 basis points spread area.

Pricing is expected on Friday with the deal set to close on April 10.

The notes will have a make-whole call and a one-month par call.

The company held fixed income investor calls on Wednesday and Thursday.

BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, RBC Capital Markets, LLC, SG Americas Securities LLC and SunTrust Robinson Humphrey Inc. are the bookrunners.

Proceeds will be used for general corporate purposes.

Owl Rock Capital is a middle-market debt and equity asset management company based in New York City.

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