Owl Rock Technology gets $350 million three-year revolving facility

By Sarah Lizee

Olympia, Wash., Nov. 21 – Owl Rock Technology Finance Corp. entered into a $350 million three-year revolving credit facility on Nov. 19 with Wells Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The maximum principal amount is subject to availability under the borrowing base, which is based on unused capital commitments.

The amount may be increased upon request of the company up to $700 million. There is also a provision permitting the company to further increase the size of the facility under some circumstances up to a maximum principal amount not to exceed $1 billion, if the existing or new lenders agree to commit to such further increase.

Interest is Libor plus 150 basis points.

The commitment fee is 25 bps per annum on the unused commitments.

The maturity date will be Nov. 18, 2021. At the company’s option, the maturity date may be extended by 364 days, subject to satisfaction of customary conditions.

Wells Fargo Securities, LLC is the bookrunner and lead arranger. Wells Fargo Bank is also a letter-of-credit issuer.

New York-based Owl Rock Technology Finance organizes in originating and making debt and equity investments in technology-related companies.

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