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Owl Rock Capital Completes $395MM CLO Financing

March 30, 2020, 09:05 AM
Filed Under: Industry News

Owl Rock Capital Corporation announced the closing of Owl Rock CLO III, Ltd, a $395.31 million collateralized loan obligation transaction.

"We are pleased to close this transaction and further enhance our liquidity position with this long-term financing," said Craig W. Packer, Chief Executive Officer of Owl Rock Capital Corporation. "Following this transaction, we have approximately $2 billion of cash and undrawn debt capacity and remain well positioned to continue executing our investment strategy of lending to upper-middle market, sponsor backed companies in recession resistant industries and supporting our borrowers and the sponsor community through the current turbulence in the market."

Packer continued, "Given the current market conditions, we were especially encouraged by the robust response this transaction received from investors, demonstrating their confidence in our platform, strategy and capabilities."

The CLO issued $260 million of floating and fixed rate notes (the "Secured Notes") to investors. The Secured Notes have a blended interest rate on the floating rate notes of approximately L+192 and a coupon of 2.75% on the fixed rate notes. The CLO has a reinvestment period of four years and a final maturity of April 20, 2032.

ORCC expects to use the net proceeds from the Secured Notes to repay revolving loans borrowed by ORCC and its subsidiaries under existing credit facilities.

SG Americas Securities, LLC served as Placement Agent on the transaction.

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