Owl Rock unit enters into $250 million credit facility with Natixis

By Sarah Lizee

Olympia, Wash., May 23 – Owl Rock Capital Corp. subsidiary ORCC Financing II LLC entered into a secured credit facility on Tuesday providing for a maximum principal amount of $250 million, according to an 8-K filing with the Securities and Exchange Commission.

Natixis, New York Branch is the administrative agent, State Street Bank and Trust Co. is the collateral agent, and Cortland Capital Market Services LLC is the document custodian.

The secured credit facility provides for the ability to draw term loans and draw and redraw revolving loans for a period of up to two years after the closing date, unless the revolving commitments are terminated or converted to term loans sooner.

Unless otherwise terminated, the secured credit facility will mature on May 22, 2026.

Interest will be Libor plus 200 basis points for the first year, Libor plus 215 bps for the second year and Libor plus 250 bps onwards.

From the closing date to the commitment termination date, there is a commitment fee ranging from 50 bps to 100 bps per annum on the undrawn amount, if any, of the revolving commitments.

Proceeds from the secured credit facility will be used to finance the origination and acquisition of eligible assets by ORCC Financing II, including the purchase of assets from Owl Rock.

The availability of the maximum principal amount is subject to an overcollateralization ratio test based on the value of ORCC Financing II’s assets from time to time and satisfaction of some conditions, including an interest coverage ratio test, some concentration limits and collateral quality tests.

Owl Rock is a business development company is based in New York.

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