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Owl Rock Capital Corp. II units secure credit facility


According to Market Intelligence, February 2023


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Owl Rock Capital Corp. II units secure credit facility

Owl Rock Capital Corp. II units ORCC II Financing LLC and OR Lending II LLC have entered into a $200 million credit agreement with various lenders.

Proceeds from the revolving credit facility will be used to finance the origination and acquisition of eligible assets by the units. The facility will mature on Nov. 30, 2021. Amounts drawn bear interest at London Interbank Offered Rate plus a 2.5% spread. The facility provides for a reinvestment period of up to three years after Dec. 1.

From time to time, the company expects to sell and contribute certain investments to ORCC II Financing in accordance with a sale and contribution agreement between the two.

Goldman Sachs Bank USA is the sole lead arranger, syndication agent and administrative agent, State Street Bank and Trust Co. is the collateral administrator and collateral agent, and Cortland Capital Market Services LLC is the collateral custodian.

Additionally, Owl Rock Capital Corp. entered into an agreement with ZB NA, which does business as California Bank & Trust, under which the bank will provide a $50 million commitment through the accordion feature in the subscription credit facility. The total commitments have now been increased to $900 million from $850 million.

The facility is subject to an automatic $50 million reduction of the commitment of Wells Fargo Bank NA on Jan. 2, 2018, unless the bank agrees to continue its increased commitment. The facility still includes the accordion feature that allows Owl Rock Capital Corp. to increase the facility size to a maximum of $900 million.