Business Context and Reporting Period
This Form 8-K filing by Owl Rock Capital Corporation (trading as ORCC on the NYSE) reports a material event occurring on June 4, 2021, with the report filed on June 8, 2021. The filing details the execution of an underwriting agreement for a new debt offering.
Key Financial Metrics
The filing discloses the following specific financial metric regarding the new issuance:
- Debt Issuance: $450 million aggregate principal amount of 2.875% Notes due 2028.
- Interest Rate: 2.875%.
- Maturity Date: 2028.
The filing text does not provide clear values for revenue, profit, cash flow, operating margins, existing total debt, or liquidity ratios as this is a current report focused on a specific transaction rather than a periodic financial statement.
Material Changes
The primary material change is the expansion of the Company's capital structure through the issuance of $450 million in senior notes. This transaction was conducted pursuant to an effective shelf registration statement on Form N-2 (Registration No. 333-239775).
Outlook, Risks, and Management Commentary
Management commentary is limited to the announcement of the underwriting agreement with BofA Securities, Inc., as representative of the underwriters. The filing incorporates the full text of the Underwriting Agreement by reference (Exhibit 1.1) for complete terms. No specific forward-looking guidance, risk factors, or contingencies are detailed within the body of this specific 8-K text.
Investor Verification Checklist
- Verify the final prospectus supplement dated June 4, 2021, for use of proceeds and specific covenants.
- Review the Underwriting Agreement (Exhibit 1.1) for underwriting fees and indemnification terms.
- Confirm the impact of the new $450 million debt on the Company's total leverage ratios in subsequent periodic reports (10-Q/10-K).
- Check the shelf registration statement (No. 333-239775) for any remaining capacity for future offerings.