Owl Rock expands asset facility to $400 million, extends maturity

By Marisa Wong

Morgantown, W.Va., Aug. 3 – Owl Rock Capital Corp. II subsidiaries ORCC II Financing LLC and OR Lending II LLC amended on July 31 their credit agreement dated Dec. 1, 2017 to increase the maximum principal amount of the asset facility to $400 million from $200 million, according to an 8-K filing with the Securities and Exchange Commission.

Goldman Sachs Bank USA is lead arranger, syndication agent and administrative agent under the amended facility.

The companies also amended to credit facility to reduce the Libor spread to 225 basis points from 250 bps.

In addition, the loan parties extended the end of the reinvestment period to four years after the original closing date from three years after the original closing date and changed the maturity date to Nov. 30, 2022 from Nov. 30, 2021.

The amendment also increased the fees payable to Goldman Sachs Bank by 25 bps and made some other changes relating to the calculation of the borrowing base and the potential syndication of the asset facility.

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

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