Owl Rock Capital Corporation (NYSE: ORCC) announced that it has priced an underwritten public offering of $500 million in aggregate principal amount of 4.250% notes due 2026. The notes will mature on January 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., MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc., SunTrust Robinson Humphrey, Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, ING Financial Markets LLC, RBC Capital Markets, LLC and SG Americas Securities, LLC are acting as joint book-running managers for this offering. 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, PNC Capital Markets LLC, Raymond James & Associates, Inc., R. Seelaus & Co., LLC, Seaport Global Securities LLC and Wells Fargo Securities, LLC are acting as co-managers for this offering. The offering is expected to close on July 23, 2020, subject to customary closing conditions.
ORCC expects to use the net proceeds of this offering to pay down existing indebtedness under the SPV Asset Facility III, which matures on December 14, 2023.
Investors are advised to carefully consider the investment objectives, risks, charges and expenses of ORCC before investing. The pricing term sheet dated July 16, 2020, the preliminary prospectus supplement dated July 16, 2020 and the accompanying prospectus dated July 9, 2020, each of which have been filed with the Securities and Exchange Commission, contain this and other information about ORCC and should be read carefully before investing. The pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release are not offers to sell any securities of ORCC and are not soliciting an offer to buy such securities in any jurisdiction where such offer and sale is not permitted.