Owl Rock amends and extends secured revolver, upsizes to $1.86 billion

By William Gullotti

Buffalo, N.Y., Aug. 30 – Owl Rock Capital Corp. entered into an amended and restated senior revolving credit agreement on Aug. 26 with Truist Bank as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendments to the initial secured revolver dated Feb. 1, 2017 included an extension to the availability period to August 2026 from September 2025 and a maturity extension to August 2027 from September 2026.

The amendments also increased the aggregate commitments by $200 million, upsized the revolver to $1,855,000,000 and the accordion feature to $2,872,500,000 from $2.2 billion. The accordion feature remains subject to satisfaction of various conditions.

The sublimit for swingline loans quadrupled to $200 million from $50 million.

The amendments also reset the minimum shareholders’ equity test and removed all maintenance financial covenants other than the minimum shareholders’ equity test and the asset coverage ratio test.

Libor was also replaced by SOFR as the facility benchmark. Facility borrowings will bear interest at SOFR, or the appropriate rate for foreign currency, plus a margin.

Truist and ING Capital LLC are the joint bookrunners and also joint lead arrangers along with MUFG Union Bank, NA, Sumitomo Mitsui Banking Corp., Wells Fargo Bank, NA and Santander Bank, NA.

ING is also the syndication agent. MUFG and Sumitomo are also the documentation agents.

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

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