Owl Rock Technology Finance closes $1.04 billion five-year revolver

By Wendy Van Sickle

Columbus, Ohio, Nov. 18 – Owl Rock Technology Finance Corp. entered on Nov. 15 into an amended and restated senior credit agreement providing for an up to $1.04 billion revolving credit facility maturing in November 2027, according to an 8-K filing with the Securities and Exchange Commission.

Previously, the revolver was due to mature in September 2026.

The availability period was also extended. It will now terminate in November 2026, pushed out from September 2025.

The credit facility is subject to a borrowing base, which is based on the company’s portfolio investments and other outstanding debt. An uncommitted accordion feature permits the revolver to be expanded up to $1.56 billion.

Between the termination of the availability period and the maturity date the company will be obligated to make mandatory prepayments out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

There is a $200 million sublimit for swingline loans, which was upsized from $50 million.

Borrowings under the facility bear interest SOFR plus an adjustment of 10 basis points plus a margin. The company also will pay an unused commitment fee of 37.5 bps per year.

Truist Bank is administrative agent. Truist Securities, Inc. and ING Capital LLC are the bookrunners and are lead arranger along with Sumitomo Mitsui Banking Corp. and JPMorgan Chase Bank, NA.

OR Tech Lending LLC, ORT KB LLC, ORTF BC 1 LLC, ORTF BC 2 LLC, ORTF BC 3 LLC, ORTF BC 4 LLC, ORTF BC 5 LLC and ORTF BC 6 LLC guarantee the credit facility.

Proceeds may be used for general corporate purposes, including the funding of portfolio investments.

The specialty finance company is based in New York.

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