Business Context and Reporting Period
Company: Owl Rock Capital Corporation (Note: Input metadata referenced "Blue Owl Capital Corp," but the filing text identifies the registrant as Owl Rock Capital Corporation).
Filing Type: Form 8-K (Current Report)
Date of Report: March 13, 2017
Event: Entry into a Material Definitive Agreement regarding the expansion of the Company's subscription credit facility.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, or liquidity ratios. It focuses exclusively on debt capacity adjustments.
- Previous Aggregate Commitments: $575 million
- New Aggregate Commitments: $700 million
- Maximum Potential Capacity (via accordion feature): $750 million
- Additional Lenders: City National Bank and ING Capital LLC
Material Changes Versus Prior Period
The primary material change is the increase in the Company's subscription credit facility commitments by $125 million, raising the total from $575 million to $700 million. This was achieved through the accordion feature of the facility originally dated August 1, 2016. No other terms of the facility were amended.
Guidance, Outlook, and Risks
Management Commentary: The filing states that the Additional Lenders agreed to provide a commitment through the existing accordion feature. The facility retains the ability to increase further to a maximum of $750 million under certain circumstances.
Risks and Contingencies: The filing notes that the description of the facility is a summary and is qualified in its entirety by the underlying agreement filed as an exhibit to the Company's Annual Report on Form 10-K for the year ending December 31, 2016.
Unusual Items: None reported in this filing.
Important Facts for Investor Verification
- Verify the specific terms and conditions of the accordion feature that allow for the increase to the $750 million maximum.
- Confirm the drawdown status of the facility to understand if the increased commitment represents utilized debt or available liquidity.
- Review the underlying agreement filed as an exhibit to the 2016 Form 10-K for complete legal terms.
- Note the discrepancy between the metadata company name ("Blue Owl Capital Corp") and the filing registrant ("Owl Rock Capital Corporation").