Bulletin: Owl Rock Capital Corp. Files Registration For IPO And Calls Remaining Capital Commitments

NEW YORK (S&P Global Ratings) June 5, 2019--Owl Rock Capital Corp. (ORCC; BBB-/Stable/--) filed a registration statement on June 4 for an IPO of common stock with a proposed maximum aggregate offering of $172.5 million, including the underwriters' option to purchase additional shares. On the same day, ORCC delivered a capital drawdown notice to its investors for the sale of $1.58 billion of common stock, which is expected to close on or around June 17. The company expects to use substantially all of the proceeds from the capital drawdown to pay down all outstanding debt under its subscription credit facility, all outstanding debt under its senior secured revolving credit agreement, and a portion of its existing debt outstanding under the

...June 5, 2019 NEW YORK (S&P Global Ratings) June 5, 2019--Owl Rock Capital Corp. (ORCC; ###-/Stable/--) filed a registration statement on June 4 for an IPO of common stock with a proposed maximum aggregate offering of $172.5 million, including the underwriters' option to purchase additional shares. On the same day, ORCC delivered a capital drawdown notice to its investors for the sale of $1.58 billion of common stock, which is expected to close on or around June 17. The company expects to use substantially all of the proceeds from the capital drawdown to pay down all outstanding debt under its subscription credit facility, all outstanding debt under its senior secured revolving credit agreement, and a portion of its existing debt outstanding under the loan and servicing agreement, with ORCC Financing LLC as borrower. The planned IPO is consistent with our expectation that ORCC would consummate an exchange listing within five years of its initial capital closing in March 2016. The capital...

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