Owl Rock subsidiary Core Income enters into $500 credit facility

Chicago, Oct. 7 – Core Income Funding II LLC, a newly formed subsidiary of Owl Rock Core Income Corp., entered into a $500 million loan financing and service agreement with Deutsche Bank AG, New York Branch as facility agent on Oct. 5, according to an 8-K filing with the Securities and Exchange Commission.

State Street Bank and Trust Co. is the collateral agent and Alter Domus (US) LLC is the collateral custodian.

Proceeds from the facility will be used to finance the origination and acquisition of eligible assets by Core Income.

The amount under the loan is subject to borrowing base testing.

The interest rate is Libor plus 200 basis points, subject to a 0% Libor floor.

After the revolving period has ended, the rate will increase by 15 bps if there has been no default or by 200 bps if there has been a default.

An undrawn fee may be paid, with possibly no fee up to 25 bps.

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

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