Owl Rock Capital Corp.'s Proposed Senior Unsecured Notes Due 2024 Rated 'BBB-'

NEW YORK (S&P Global Ratings) April 3, 2019--S&P Global Ratings today said it assigned its 'BBB-' debt rating on Owl Rock Capital Corp.'s (ORCC) proposed $300 million issuance of senior unsecured notes due 2024. Owl Rock expects to use proceeds from this offering to pay down existing indebtedness, including a portion of borrowings under its subscription credit facility. The ratings reflect ORCC's low leverage, substantial committed capital, and experienced management team. Debt to adjusted total equity (ATE) was 0.80x as of Dec. 31, 2018, and management is targeting leverage of 0.75x debt to equity. As of Dec. 31, 2018, ORCC had $5.5 billion in total capital commitments from investors, of which $2.4 billion was unfunded. Since the start of 2019,

...NEW YORK (S&P Global Ratings) April 3, 2019--S&P Global Ratings today said it assigned its '###-' debt rating on Owl Rock Capital Corp.'s (ORCC) proposed $300 million issuance of senior unsecured notes due 2024. Owl Rock expects to use proceeds from this offering to pay down existing indebtedness, including a portion of borrowings under its subscription credit facility. The ratings reflect ORCC's low leverage, substantial committed capital, and experienced management team. Debt to adjusted total equity (ATE) was 0.80x as of Dec. 31, 2018, and management is targeting leverage of 0.75x debt to equity. As of Dec. 31, 2018, ORCC had $5.5 billion in total capital commitments from investors, of which $2.4 billion was unfunded. Since the start of 2019, the company has delivered additional capital drawdown notices to investors totaling $750 million. Management is highly experienced in leveraged finance and has established an institutional quality business development company (BDC) with strong origination...

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