Owl Rock Capital Corp. Proposed Senior Unsecured Notes Rated 'BBB-'

NEW YORK (S&P Global Ratings) Oct. 1, 2019--S&P Global Ratings today said it assigned its 'BBB-' debt rating on Owl Rock Capital Corp.'s (ORCC) proposed issuance of senior unsecured notes. We expect ORCC will use proceeds from the offering for general corporate purposes, including repayment of existing indebtedness and financing new investments. The ratings reflect ORCC's low leverage and experienced management team. Prior to its IPO of common stock, ORCC delivered its final capital drawdown notice to investors in June 2019, the proceeds from which it used to paydown all outstanding debt under its subscription credit facility and reduce other indebtedness, which reduced debt to equity to 0.28x as of June 30, 2019. We expect leverage will gradually rise toward

...October 1, 2019 NEW YORK (S&P Global Ratings) Oct. 1, 2019--S&P Global Ratings today said it assigned its '###-' debt rating on Owl Rock Capital Corp.'s (ORCC) proposed issuance of senior unsecured notes. We expect ORCC will use proceeds from the offering for general corporate purposes, including repayment of existing indebtedness and financing new investments. The ratings reflect ORCC's low leverage and experienced management team. Prior to its IPO of common stock, ORCC delivered its final capital drawdown notice to investors in June 2019, the proceeds from which it used to paydown all outstanding debt under its subscription credit facility and reduce other indebtedness, which reduced debt to equity to 0.28x as of June 30, 2019. We expect leverage will gradually rise toward the company's target of 0.75x debt to equity. In our view, management is highly experienced in leveraged finance and has established an institutional quality business development company (BDC) with strong origination...

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