Owl Rock Capital Corp. $500 Million Senior Unsecured Notes Due January 2026 Rated 'BBB-'

NEW YORK (S&P Global Ratings) July 16, 2020--S&P Global Ratings today assigned its 'BBB-' senior unsecured debt rating to Owl Rock Capital Corp.'s (ORCC) $500 million notes due January 2026. ORCC intends to use the net proceeds from this offering to pay down its existing indebtedness under the SPV Asset facility III ($425 million outstanding as of July 13, 2020). Pro forma, we anticipate the transaction to be largely leverage neutral. As of March 31, 2020, ORCC's leverage, measured as debt-to-adjusted total equity was 0.62x. Our rating on ORCC reflects the company's relatively low leverage, an experienced management team, and good diversity of funding. The rating also reflects the company's limited operating history and rapid growth in the highly competitive

...July 16, 2020 NEW YORK (S&P Global Ratings) July 16, 2020--S&P Global Ratings today assigned its '###-' senior unsecured debt rating to Owl Rock Capital Corp.'s (ORCC) $500 million notes due January 2026. ORCC intends to use the net proceeds from this offering to pay down its existing indebtedness under the SPV Asset facility III ($425 million outstanding as of July 13, 2020). Pro forma, we anticipate the transaction to be largely leverage neutral. As of March 31, 2020, ORCC's leverage, measured as debt-to-adjusted total equity was 0.62x. Our rating on ORCC reflects the company's relatively low leverage, an experienced management team, and good diversity of funding. The rating also reflects the company's limited operating history and rapid growth in the highly competitive middle-market lending segment. However, 80% of ORCC's investment portfolio of $8.9 billion as of March 31, 2020, consists of first-lien senior secured loans, which we view favorably....

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