Business Context and Reporting Period
This Form 8-K filing by Owl Rock Capital Corporation (noted as Blue Owl Capital Corp in metadata) covers events occurring on June 21, 2018, with the report filed on June 25, 2018. The registrant is a Maryland corporation and an emerging growth company.
Key Financial Metrics and Agreements
- Debt Facility Expansion: The Company increased its Senior Secured Revolving Credit Facility to a total of $600 million.
- Dividend Declaration: The Board declared a distribution of 90% of the estimated second-quarter taxable income.
- Payment Schedule: The distribution is payable on August 15, 2018, to shareholders of record on June 30, 2018.
- Liquidity and Credit Terms: The filing does not provide specific values for current cash flow, total debt outstanding, or profit margins.
Material Changes
- Amendment to Credit Agreement: Entered into the Third Amendment to the Senior Secured Revolving Credit Agreement.
- Lender Changes: Replaced Bank of America, N.A. as Swingline Lender and Issuing Bank with ING Capital Inc.
- New Issuance Authority: The amendment permits the issuance of certain unsecured notes by the Company.
Outlook, Risks, and Management Commentary
The filing focuses on structural changes to the Company's credit facilities and the declaration of a quarterly distribution. No specific forward-looking guidance, risk factors, or management commentary regarding future performance is included in this text. The Company notes that the full text of the amended agreement will be filed as an exhibit to its next registration statement on Form N-2.
Investor Verification Checklist
- Verify the exact amount of the declared distribution once the second-quarter taxable income is finalized.
- Review the full text of the Third Amendment to the Senior Secured Revolving Credit Agreement for covenants and interest rate terms.
- Confirm the status of the unsecured notes issuance permitted by the new amendment.
- Check subsequent filings for the actual utilization of the expanded $600 million Revolving Credit Facility.