Published on 1/14/2020 in the Prospect News Investment Grade Daily.
New Issue: Owl Rock prices $500 million 3.75% notes due 2025 at Treasuries plus 220 bps
By Cristal Cody
Tupelo, Miss., Jan. 14 – Owl Rock Capital Corp. priced $500 million of 3.75% senior notes due July 22, 2025 (Baa3/BBB-/BBB-) on Tuesday at a spread of Treasuries plus 220 basis points, according to a market source and a 497AD filing with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 225 bps spread area.
The notes priced at 99.626 to yield 3.826%.
BofA Securities, Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, ING Financial Markets LLC, MUFG, RBC Capital Markets, LLC, SG Americas Securities, LLC, SMBC Nikko Securities America, Inc. and SunTrust Robinson Humphrey, Inc. were the bookrunners.
The New York-based middle-market debt and equity asset management company plans to use the proceeds to repay borrowings under its revolving credit facility.
| Issuer: | Owl Rock Capital Corp.
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | July 22, 2025
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| Bookrunners: | BofA Securities, Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, ING Financial Markets LLC, MUFG, RBC Capital Markets, LLC, SG Americas Securities, LLC, SMBC Nikko Securities America, Inc. and SunTrust Robinson Humphrey, Inc.
|
| Co-managers: | CIBC World Markets Corp., Compass Point Research & Trading, LLC, Credit Suisse Securities (USA) LLC, ICBC Standard Bank plc, Janney Montgomery Scott LLC, JMP Securities LLC, Keefe, Bruyette & Woods, Inc., Ladenburg Thalmann & Co. Inc., Morgan Stanley & Co. LLC, Natixis Securities Americas LLC, PNC Capital Markets LLC, Raymond James & Associates, Inc., Seaport Global Securities LLC and Wells Fargo Securities, LLC
|
| Coupon: | 3.75%
|
| Price: | 99.626
|
| Yield: | 3.826%
|
| Spread: | Treasuries plus 220 bps
|
| Call features: | Make-whole call before June 22, 2025 at price equal to greater of par or Treasuries plus 35 bps; thereafter at par
|
| Change-of-control put: | Par
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| Trade date: | Jan. 14
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| Settlement date: | Jan. 22
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| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Fitch: BBB-
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| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 225 bps area
|
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