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

NEW YORK (S&P Global Ratings) Jan. 14, 2020--S&P Global Ratings today said it assigned its 'BBB-' debt rating on Owl Rock Capital Corp.'s (ORCC's) proposed issuance of senior unsecured notes due July, 2025. ORCC expects to use the proceeds to pay down a portion of its existing indebtedness under its revolving credit facility. The ratings reflect ORCC's low leverage and experienced management team. We expect leverage will gradually rise toward the company's target of 0.75x debt to equity, from 0.42x as of Sept. 30, 2019. 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 pay down all outstanding debt under its subscription credit

...January 14, 2020 NEW YORK (S&P Global Ratings) Jan. 14, 2020--S&P Global Ratings today said it assigned its '###-' debt rating on Owl Rock Capital Corp.'s (ORCC's) proposed issuance of senior unsecured notes due July, 2025. ORCC expects to use the proceeds to pay down a portion of its existing indebtedness under its revolving credit facility. The ratings reflect ORCC's low leverage and experienced management team. We expect leverage will gradually rise toward the company's target of 0.75x debt to equity, from 0.42x as of Sept. 30, 2019. 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 pay down 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. In our view, management is highly experienced in leveraged finance and has established an institutional-quality business development company (BDC) with strong...

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