Business Context and Reporting Period
This Form 8-K filing by Owl Rock Capital Corporation (referred to in the metadata as Blue Owl Capital Corp) covers the reporting period of April 2, 2019. The report details the entry into a material definitive agreement regarding the company's senior secured revolving credit facility.
Key Financial Metrics and Debt Structure
The filing focuses on debt capacity and liquidity enhancements rather than operational performance metrics such as revenue or profit, which are not provided in this document.
- Revolving Credit Facility Commitment: Increased from $600 million to $925 million.
- Accordion Feature: Increased from $1.25 billion to $1.5 billion, allowing for potential future expansion of the facility.
- Maturity Date: Extended from March 29, 2023, to April 2, 2024.
- Commitment Termination Date: Extended from March 29, 2022, to March 31, 2023.
Material Changes Versus Prior Period
The primary material change is the Fourth Amendment to the Senior Secured Revolving Credit Agreement, originally dated February 1, 2017. This amendment significantly expanded the company's borrowing capacity and extended the timeline for the facility's maturity and commitment termination compared to the previous terms established in prior amendments (July 2017, March 2018, and June 2018).
Guidance, Outlook, and Risks
The filing does not contain specific financial guidance, management commentary on future earnings, or a discussion of general business risks. The document strictly reports the execution of the credit agreement amendment. The text notes that the summary is qualified in its entirety by the underlying agreement filed as an exhibit.
Key Facts for Investor Verification
- Verify the specific interest rate terms and fees associated with the increased $925 million commitment in the full text of Exhibit 10.1.
- Confirm the conditions precedent required to exercise the expanded accordion feature up to $1.5 billion.
- Review the covenants and financial maintenance requirements attached to the amended facility.
- Note that this filing does not disclose current outstanding debt balances, only the maximum available commitment.