Owl Rock Capital Corporation (NYSE: ORCC) announced that it has priced an underwritten public offering of $1.0 billion in aggregate principal amount of 3.400% notes due 2026. The notes will mature on July 15, 2026 and may be redeemed in whole or in part at ORCC's option at any time at par plus a "make-whole" premium, if applicable.
BofA Securities, Inc., Deutsche Bank Securities Inc., SG Americas Securities, LLC, SMBC Nikko Securities America, Inc., Goldman Sachs & Co. LLC, ING Financial Markets LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC and Truist Securities, Inc. are acting as joint book-running managers for this offering. CIBC World Markets Corp., Compass Point Research & Trading, LLC, ICBC Standard Bank Plc, Janney Montgomery Scott LLC, JMP Securities LLC, Keefe, Bruyette & Woods, Inc., Ladenburg Thalmann & Co. Inc., PNC Capital Markets LLC, R. Seelaus & Co., LLC, Raymond James & Associates, Inc., Seaport Global Securities LLC and Wells Fargo Securities, LLC are acting as co-managers for this offering. The offering is expected to close on December 8, 2020, subject to customary closing conditions.
ORCC expects to use the net proceeds of this offering to pay down existing indebtedness under the Revolving Credit Facility, which matures on September 3, 2025 with respect to $1.295 billion of commitments, and on April 2, 2024, with respect to the remaining commitments, and for general corporate purposes.
About Owl Rock Capital Corporation
Owl Rock Capital Corporation (ORCC) is a specialty finance company focused on lending to U.S. middle-market companies. As of September 30, 2020, ORCC had investments in 110 portfolio companies with an aggregate fair value of $9.9 billion. ORCC has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. ORCC is externally managed by Owl Rock Capital Advisors LLC, an SEC-registered investment adviser that is an affiliate of Owl Rock Capital Partners. Owl Rock Capital Partners, together with its subsidiaries, is a New York based direct lending platform with approximately $23.7 billion of assets under management as of September 30, 2020.
