Owl Rock closes $250 million revolving credit facility via Wells Fargo

By Tali Rackner

Norfolk, Va., Aug. 4 – Owl Rock Capital Corp. entered into a $250 million revolving credit facility on Aug. 1 with Wells Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The facility may be increased up to a total of $750 million.

Borrowings bear interest at Libor plus 160 basis points. There is an unused commitment fee of 25 bps.

The credit facility will mature upon the earliest of (a) three years from closing; (b) the date upon which Wells Fargo declares the obligations under the facility due and payable after the occurrence of an event of default; (c) 45 days prior to the scheduled termination of the commitment period under the company’s subscription agreements; (d) 45 days prior to the date of any listing of the company’s common stock on a national securities exchange; (e) the termination of the commitment period under the company’s subscription agreements (if earlier than the scheduled date); and (e) the date the company terminates the commitments pursuant to the credit facility.

The private business development company is based in New York.

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