Owl Rock Technology amends revolver, increases accordion feature

By Wendy Van Sickle

Columbus, Ohio, June 10 – Owl Rock Technology Finance Corp. entered into on Thursday a first amendment to its revolving credit facility dated Nov. 19, 2018 with Wells Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment increases the accordion feature such that the company may now request to increase the revolver up to $1.1 billion, rather than $1 billion previously.

The amendment also

• Added a financial covenant requiring that the fair market value of the company’s investments be equal to or greater than 85% of the aggregate cost assigned to such investments on the company’s financial statements; and

• Added a financial covenant requiring that from June 30, 2019 until the earlier of the “final closing date” as defined in the form of subscription agreement for the company and June 30, 2020, the value of the company’s total assets over its total liabilities be greater than $500 million.

New York-based Owl Rock Technology Finance organizes in originating and making debt and equity investments in technology-related companies.

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