Blue Owl Technology Finance Corp. current report, 06 May 2020

Full document

Business Context and Reporting Period

Owl Rock Technology Finance Corp. (now identified in the request metadata as Blue Owl Technology Finance Corp.) filed a Form 8-K dated May 7, 2020, reporting an event occurring May 6, 2020. The filing concerns a capital drawdown and planned private issuance of common stock.

Key Transaction and Financial Metrics

  • The company delivered a capital drawdown notice for the sale of approximately 19,699,142 shares of common stock.
  • Aggregate offering price: approximately $275 million.
  • Implied offering price: approximately $13.96 per share, based on the reported share count and aggregate offering price.
  • The sale was expected to close on or around May 19, 2020.
  • No revenue, net income, cash flow, margin, debt, liquidity, or other operating-performance figures are provided in the filing.

Material Changes Versus Prior Period

The filing does not present comparative-period financial results. The material event is the planned increase in equity capital through a drawdown under existing subscription agreements.

Guidance, Outlook, Risks, and Unusual Items

  • Investors are required to fund drawdowns to purchase shares up to their respective capital commitments on an as-needed basis, subject to a minimum of 10 business days’ prior notice.
  • The issuance is intended to be exempt from Securities Act registration under Section 4(a)(2) and Regulation D.
  • The filing reports an expected closing date; completion of the sale and the final number and price of shares should be verified in subsequent filings.
  • No management guidance, operating outlook, contingencies, or specific use of proceeds is disclosed.

Important Facts to Verify

  • Whether the approximately $275 million offering closed on or around May 19, 2020.
  • The final number of shares issued and the actual per-share issuance price.
  • The company’s subsequent capitalization, liquidity, and use of proceeds.
  • The registrant’s name: the filing identifies the company as Owl Rock Technology Finance Corp., while the request metadata identifies Blue Owl Technology Finance Corp.