Business Context and Reporting Period
Company: Owl Rock Capital Corporation (Note: Filing metadata references Blue Owl Capital Corp, but the document text identifies Owl Rock Capital Corporation).
Filing Type: Form 8-K (Current Report)
Date of Report: June 4, 2019
Reporting Period: The filing addresses events occurring on June 4, 2019, and references the quarter ended June 30, 2019, for distribution calculations.
Key Financial Metrics and Capital Events
- Capital Raise: The Company delivered a capital drawdown notice for the sale of approximately 103,340,061 shares of common stock.
- Aggregate Proceeds: $1.58 billion.
- Expected Closing Date: On or around June 17, 2019.
- Debt Reduction Plan: Proceeds are designated to pay down all existing indebtedness under the Wells Fargo subscription credit facility, the senior secured revolving credit agreement (SunTrust/ING), and a portion of indebtedness under Loan and Servicing Agreements (Morgan Stanley/Deutsche Bank).
- Capital Commitments: Upon completion, the Company will have no remaining undrawn capital commitments.
- Distribution Declaration: The Board declared a distribution of 100% of net investment income for the quarter ended June 30, 2019 (excluding unrealized gains/losses).
- Record Date: June 14, 2019.
- Payment Date: On or before August 15, 2019.
Material Changes Versus Prior Period
The filing does not provide comparative financial data (revenue, profit, or cash flow) for prior periods. The material change reported is the execution of a significant capital drawdown to eliminate undrawn commitments and reduce leverage through debt paydown.
Guidance, Outlook, and Risks
- Use of Proceeds: Substantially all proceeds will be used to retire specific debt facilities, including the termination of the Wells Fargo subscription credit facility.
- Regulatory Status: The issuance of common stock is exempt from registration requirements under Section 4(a)(2) of the Securities Act and Regulation D.
- Investor Obligations: Investors are required to fund drawdowns on an as-needed basis with a minimum of 10 business days' prior notice.
- Risks/Contingencies: The filing does not explicitly detail new risks or contingencies beyond the standard execution of the capital call and debt repayment.
Key Facts for Investor Verification
- Verify the actual closing date of the $1.58 billion capital drawdown (expected June 17, 2019).
- Confirm the final amount of the distribution per share once net investment income for the quarter ended June 30, 2019, is finalized.
- Monitor the termination of the Wells Fargo subscription credit facility and the reduction of the senior secured revolving credit agreement.
- Confirm that the Company has no remaining undrawn capital commitments post-closing.