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Owl Rock Technology gets $240 million revolver at Libor plus 200 bps
By Angela McDaniels
Tacoma, Wash., March 19 – Owl Rock Technology Finance Corp. entered into a $240 million senior secured revolving credit facility on Friday, according to an 8-K filing with the Securities and Exchange Commission.
SunTrust Robinson Humphrey, Inc. and ING Capital LLC are the joint lead arrangers and joint bookrunners. SunTrust Bank is the administrative agent.
The interest rate is Libor plus 200 basis points.
The company will also pay a 37.5 bps fee on undrawn amounts.
The $240 million maximum principal amount of the revolver is subject to availability under the borrowing base, which is based on the company’s portfolio investments and other outstanding debt.
Maximum capacity under the revolver may be increased to $750 million through the exercise of an uncommitted accordion feature.
The revolver has a $50 million limit for swingline loans and is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the company and each guarantor, subject to certain exceptions.
The availability period under the revolver will terminate on March 15, 2022, and the revolver will mature on March 15, 2023.
During the period from March 15, 2022 to March 15, 2023, 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.
Borrowings may be made in dollars or certain other permitted currencies.
The revolver is guaranteed by subsidiary OR Tech Lending LLC and will be guaranteed by certain domestic subsidiaries of the company that are formed or acquired by the company in the future.
Proceeds may be used for general corporate purposes, including the funding of portfolio investments.
New York-based Owl Rock Technology Finance originates and makes debt and equity investments in technology-related companies based primarily in the United States.
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