Owl Rock Capital Corp. priced an underwritten public offering of $500 million aggregate principal amount of 3.750% notes due July 22, 2025.
The offering is expected to close Jan. 22.
Based on an offering price of 99.626% per note, the company estimates net proceeds from the transaction will be about $491.0 million, after deducting the fee paid to the underwriters and estimated offering expenses, according to a prospectus supplement. Owl Rock Capital expects to use the net proceeds to pay down a portion of existing indebtedness under the revolving credit facility, which matures April 2, 2024.
The notes may be redeemed in whole or in part at the company's option at any time at par plus a make-whole premium, if applicable, according to a news release. Interest on the notes will be paid semiannually in arrears on Jan. 22 and July 22 of each year, starting July 22, 2020.
BofA Securities Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, ING Financial Markets LLC, MUFG Securities Americas Inc., RBC Capital Markets LLC, SG Americas Securities LLC, SMBC Nikko Securities America Inc. and SunTrust Robinson Humphrey Inc. are serving as joint book-running managers for the offering.
CIBC World Markets Corp., Compass Point Research & Trading LLC, Credit Suisse Securities (USA) LLC, ICBC Standard Bank PLC, Janney Montgomery Scott LLC, JMP Securities LLC, Keefe Bruyette & Woods Inc., Ladenburg Thalmann & Co. Inc., Morgan Stanley & Co. LLC, Natixis Securities Americas LLC, PNC Capital Markets LLC, Raymond James & Associates Inc., Seaport Global Securities LLC and Wells Fargo Securities LLC are acting as co-managers.