Owl Rock Capital subsidiaries increase asset facility to $500 million

By Angela McDaniels

Tacoma, Wash., March 12 – Owl Rock Capital Corp. II subsidiaries ORCC II Financing LLC and OR Lending II LLC increased the maximum principal amount of their asset facility to $500 million from $400 million, according to an 8-K filing with the Securities and Exchange Commission.

The increase was made under an amendment and restatement on Monday.

The asset facility was also amended to establish and modify some lender and administrative agent consent rights.

In connection with the amendment, the borrowers and Goldman Sachs Bank USA, the administrative agent, terminated a cooperation agreement entered into in July 2018 in connection with a previous amendment to the asset facility.

Under the previous amendment, the asset facility was increased to $400 million from $200 million, the margin over Libor was reduced to 225 basis points from 250 bps, the end of the reinvestment period was extended to four years after the original closing date from three years after the original closing date and the maturity date was extended to Nov. 30, 2022 from Nov. 30, 2021.

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

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