Item 1.01. Entry into a Material Definitive Agreement.
On September 22, 2021, Owl Rock Capital Corporation (the "Company"), a Maryland
corporation, entered into the Seventh Amendment to Senior Secured Revolving
Credit Agreement (the "Amendment" and the facility as amended, the "Revolving
Credit Facility"), which amended that certain Senior Secured Revolving Credit
Agreement, dated February 1, 2017, as amended by (i) the First Amendment to
Senior Secured Revolving Credit Agreement, dated as of July 17, 2017, (ii) the
First Omnibus Amendment to Senior Secured Revolving Credit Agreement and
Guarantee and Security Agreement, dated as of March 29, 2018, (iii) the Third
Amendment to Senior Secured Revolving Credit Agreement, dated as of June 21,
2018, (iv) the Fourth Amendment to Senior Secured Revolving Credit Agreement,
dated as of April 2, 2019, (v) the Fifth Amendment to Senior Secured Revolving
Credit Agreement, dated as of May 7, 2020 and (vi) the Sixth Amendment to Senior
Secured Revolving Credit Agreement, dated as of September 3, 2020. Among other
changes, the Amendment (a) increased the aggregate commitments under the
Revolving Credit Facility to $1.555 billion; (b) increased the accordion
feature, which allows the Company, under certain circumstance, to increase the
size of the Revolving Credit Facility, to $2.2 billion, and (c) with respect to
$1.48 billion of commitments (i) extended the stated maturity date from
September 3, 2025 to September 22, 2026, (ii) extended the commitment
termination date from September 3, 2024 to September 22, 2025 and (iii) reduced
the stated interest rate for LIBOR borrowings to LIBOR plus margin of either
1.875% per annum or, if the borrowing base is greater than or equal to the
product of 1.60 and the combined debt amount, 1.75% per annum. The amendment
further builds in a hardwired approach for the replacement of LIBOR loans in
U.S. dollars. For LIBOR loans in other permitted currencies, the amendment
includes customary fallback mechanics for the Company and the Administrative
Agent to select an alternative benchmark, subject to the negative consent of
required lenders.
The foregoing description is only a summary of certain of the provisions of the
Amendment and is qualified in its entirety by the underlying agreement, which is
filed as Exhibit 10.1 to this current report on Form 8-K and is incorporated by
reference herein.
Item 2.03. Creation of a Direct Financial Obligation.
The information set forth under Item 1.01 above is incorporated by reference
into this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description
10.1 Seventh Amendment to Senior Secured Revolving Credit Agreement,
dated as of September 22, 2021, among Owl Rock Capital Corporation,
the Lenders party thereto and Truist Bank, as Administrative Agent.
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