Item 1.01 - Entry into to a Material Definitive Agreement
On May 3, 2022 (the "Amendment Date"), ORCC Financing III LLC ("ORCC Financing
III"), a subsidiary of Owl Rock Capital Corporation (the "Company"), entered
into the Amendment (the "Amendment No. 3" and the facility as amended, the
"Secured Credit Facility"), which amended that certain Loan Financing and
Servicing Agreement, dated as of December 14, 2018, as amended by the Omnibus
Amendment, dated as of March 17, 2021 and Amendment No. 2, dated as of
December 13, 2021, by and among ORCC Financing III, as borrower, the Company, as
equityholder and services provider, the lenders from time to time parties
thereto, Deutsche Bank AG, New York Branch, as Facility Agent, State Street Bank
and Trust Company, as Collateral Agent and Alter Domus (US) LLC, as Collateral
Custodian. Among other changes, Amendment No. 3 converted the benchmark rate of
the facility from LIBOR to term SOFR, extended the Revolving Period through
June 14, 2023, extended the Facility Termination Date through June 14, 2025 and
reduced the Facility Amount from $500,000,000 to $250,000,000.
Borrowings of ORCC Financing III are considered our borrowings for purposes of
complying with the asset coverage requirements under the 1940 Act.
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 Amendment No. 3 to the Loan Financing and Servicing Agreement, dated
as of May 3, 2021, by and among ORCC Financing III LLC, as borrower,
Owl Rock Capital Corporation, as equityholder and services provider,
the lenders from time to time parties thereto, Deutsche Bank AG, New
York Branch, as facility agent, State Street Bank and Trust Company,
as collateral agent, and Alter Domus (US) LLC, as collateral
custodian.
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