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EX-32.2 - EX-32.2 - Owl Rock Capital Corp IIorccii-ex322_9.htm
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EX-31.2 - EX-31.2 - Owl Rock Capital Corp IIorccii-ex312_7.htm
EX-31.1 - EX-31.1 - Owl Rock Capital Corp IIorccii-ex311_6.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2018

OR  

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to            

Commission File Number: 814-01219

 

OWL ROCK CAPITAL CORPORATION II

(Exact Name of Registrant as Specified in its Charter)

 

 

Maryland

 

47-5416332

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

245 Park Avenue, 41st Floor

New York, New York

 

10167

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (212) 419-3000

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     YES     NO  

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes      No  

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  (Do not check if a small reporting company)

  

Small reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES   NO 

As of August 7, 2018, the registrant had 29,462,257 shares of common stock, $0.01 par value per share, outstanding.

 

 

 

 

 


 

Table of Contents

 

 

 

 

 

Page

PART I.

 

CONSOLIDATED FINANCIAL INFORMATION

 

 

Item 1.

 

Consolidated Financial Statements

 

3

 

 

Consolidated Statements of Assets and Liabilities as of June 30, 2018 (Unaudited) and December 31, 2017

 

3

 

 

Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2018 and 2017 (Unaudited)

 

4

 

 

Consolidated Schedules of Investments as of June 30, 2018 (Unaudited) and December 31, 2017

 

5

 

 

Consolidated Statements of Changes in Net Assets for the Six Months Ended June 30, 2018 and 2017 (Unaudited)

 

13

 

 

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2018 and 2017 (Unaudited)

 

14

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

15

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

40

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

64

Item 4.

 

Controls and Procedures

 

65

PART II.

 

OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

66

Item 1A.

 

Risk Factors

 

66

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

66

Item 3.

 

Defaults Upon Senior Securities

 

66

Item 4.

 

Mine Safety Disclosures

 

66

Item 5.

 

Other Information

 

66

Item 6.

 

Exhibits

 

67

Signatures

 

68

 

 

i


 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Owl Rock Capital Corporation II (the “Company,” “Owl Rock,” “we” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

 

 

an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

 

an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

 

an economic downturn could also impact availability and pricing of our financing;

 

a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;

 

interest rate volatility could adversely affect our results, particularly if we elect to use leverage as part of our investment strategy;

 

currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

 

our future operating results;

 

our business prospects and the prospects of our portfolio companies;

 

our contractual arrangements and relationships with third parties;

 

the ability of our portfolio companies to achieve their objectives;

 

competition with other entities and our affiliates for investment opportunities;

 

the speculative and illiquid nature of our investments;

 

the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage;

 

the adequacy of our financing sources and working capital;

 

the loss of key personnel;

 

the timing of cash flows, if any, from the operations of our portfolio companies;

 

the ability of Owl Rock Capital Advisors LLC (“the Adviser” or “our Adviser”) to locate suitable investments for us and to monitor and administer our investments;

 

the ability of the Adviser to attract and retain highly talented professionals;

 

our ability to qualify for and maintain our tax treatment as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”);

 

the effect of legal, tax and regulatory changes; and

 

other risks, uncertainties and other factors previously identified in the reports and other documents we have filed with the Securities and Exchange Commission (“SEC”).

 

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “1934 Act”).

 

 

 

 

 


2


 

PART I. CONSOLIDATED FINANCIAL INFORMATION

 

Item 1. Consolidated Financial Statements

 

Owl Rock Capital Corporation II

Consolidated Statements of Assets and Liabilities

(Amounts in thousands, except share and per share amounts)

 

 

 

June 30, 2018

(Unaudited)

 

 

December 31, 2017

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value (amortized cost of $360,899 and $66,044, respectively)

 

$

362,208

 

 

$

66,136

 

Cash

 

 

27,476

 

 

 

43,131

 

Due from Adviser

 

 

 

 

 

167

 

Interest receivable

 

 

1,382

 

 

 

288

 

Subscriptions receivable

 

 

 

 

 

217

 

Prepaid expenses and other assets

 

 

656

 

 

 

401

 

Total Assets

 

$

391,722

 

 

$

110,340

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred financing costs of $2,196 and $2,436, respectively)

 

 

126,054

 

 

 

17,564

 

Payable for investments purchased

 

 

29,294

 

 

 

2,443

 

Management fee payable

 

 

 

 

 

375

 

Payables to affiliates

 

 

1,938

 

 

 

 

Accrued performance based incentive fees

 

 

263

 

 

 

19

 

Accrued expenses and other liabilities

 

 

1,590

 

 

 

856

 

Total Liabilities

 

 

159,139

 

 

 

21,257

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common shares $0.01 par value, 300,000,000 shares authorized; 25,631,839 and 9,866,216 shares issued and outstanding, respectively

 

 

256

 

 

 

99

 

Additional paid-in-capital

 

 

231,887

 

 

 

89,080

 

Undistributed (distributions in excess of) net investment income

 

 

(869

)

 

 

(188

)

Net unrealized gain (loss) on investments

 

 

1,309

 

 

 

92

 

Total Net Assets

 

 

232,583

 

 

 

89,083

 

Total Liabilities and Net Assets

 

$

391,722

 

 

$

110,340

 

Net Asset Value Per Share

 

$

9.07

 

 

$

9.03

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 


3


 

Owl Rock Capital Corporation II

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)

 

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income from non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

6,020

 

 

$

142

 

 

$

8,903

 

 

$

142

 

Other income

 

 

344

 

 

 

6

 

 

 

550

 

 

 

6

 

Total investment income from non-controlled, non-affiliated investments

 

 

6,364

 

 

 

148

 

 

 

9,453

 

 

 

148

 

Total Investment Income

 

 

6,364

 

 

 

148

 

 

 

9,453

 

 

 

148

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Initial organization

 

 

 

 

 

274

 

 

 

 

 

 

274

 

Offering costs

 

 

836

 

 

 

 

 

 

1,978

 

 

 

 

Interest expense

 

 

1,218

 

 

 

17

 

 

 

1,652

 

 

 

17

 

Management fee

 

 

1,268

 

 

 

35

 

 

 

1,887

 

 

 

35

 

Performance based incentive fees

 

 

156

 

 

 

 

 

 

243

 

 

 

 

Professional fees

 

 

571

 

 

 

343

 

 

 

1,054

 

 

 

343

 

Directors' fees

 

 

65

 

 

 

85

 

 

 

123

 

 

 

85

 

Other general and administrative

 

 

253

 

 

 

336

 

 

 

558

 

 

 

336

 

Total Operating Expenses

 

 

4,367

 

 

 

1,090

 

 

 

7,495

 

 

 

1,090

 

Management and incentive fees waived (Note 3)

 

 

(181

)

 

 

 

 

 

(181

)

 

 

 

Expense Support

 

 

(775

)

 

 

(1,061

)

 

 

(2,646

)

 

 

(1,061

)

Net Operating Expenses

 

 

3,411

 

 

 

29

 

 

 

4,668

 

 

 

29

 

Net Investment Income (Loss)

 

$

2,953

 

 

$

119

 

 

$

4,785

 

 

$

119

 

Net Realized and Unrealized Gain (Loss) on Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

778

 

 

$

(6

)

 

$

1,217

 

 

$

(6

)

Total Net Unrealized Gain (Loss)

 

 

778

 

 

 

(6

)

 

 

1,217

 

 

 

(6

)

Net realized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

 

 

 

5

 

 

 

 

 

 

5

 

Total Net Realized Gain (Loss)

 

 

 

 

 

5

 

 

 

 

 

 

5

 

Total Net Realized and Unrealized Gain (Loss)

 

 

778

 

 

 

(1

)

 

 

1,217

 

 

 

(1

)

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

3,731

 

 

$

118

 

 

$

6,002

 

 

$

118

 

Earnings Per Share - Basic and Diluted

 

$

0.18

 

 

$

0.14

 

 

$

0.36

 

 

$

0.14

 

Weighted Average Shares Outstanding - Basic and Diluted

 

 

20,861,952

 

 

 

813,707

 

 

 

16,869,332

 

 

 

813,707

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

4


Owl Rock Capital Corporation II

Consolidated Schedule of Investments

As of June 30, 2018

(Amounts in thousands, except share and per share amounts)

(Unaudited)

 

Company(1)(2)(3)(16)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(4)(9)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Debt Investments(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising and media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Swipe Acquisition Corporation (dba PLI)(6)(19)

 

First lien senior secured loan

 

L + 7.50%

 

6/29/2024

 

$

17,932

 

 

$

17,574

 

 

$

17,572

 

 

 

7.7

 

%

Swipe Acquisition Corporation (dba PLI)(10)(11)(12)(17)(19)

 

First lien senior secured delayed draw term loan

 

L + 7.50%

 

9/30/2019

 

 

 

 

 

(31

)

 

 

(41

)

 

 

 

%

 

 

 

 

 

 

 

 

 

17,932

 

 

 

17,543

 

 

 

17,531

 

 

 

7.7

 

%

Aerospace and defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Propulsion Acquisition, LLC (dba Belcan, Inc.)(6)

 

First lien senior secured loan

 

L + 6.00%

 

7/13/2021

 

 

25,000

 

 

 

24,755

 

 

 

24,750

 

 

 

10.6

 

%

Automotive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mavis Tire Express Services Corp.(6)(19)

 

Second lien senior secured loan

 

L + 7.50%

 

3/20/2026

 

 

23,000

 

 

 

22,503

 

 

 

22,540

 

 

 

9.8

 

%

Mavis Tire Express Services Corp.(6)(10)(12)(17)(19)

 

Second lien senior secured delayed draw term loan

 

L + 7.50%

 

3/20/2020

 

 

112

 

 

 

70

 

 

 

79

 

 

 

 

%

 

 

 

 

 

 

 

 

 

23,112

 

 

 

22,573

 

 

 

22,619

 

 

 

9.8

 

%

Buildings and real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTZ U.S. Borrower, LLC (dba Cushman & Wakefield)(7)(18)

 

First lien senior secured loan

 

L + 3.25%

 

11/4/2021

 

 

12,616

 

 

 

12,553

 

 

 

12,586

 

 

 

5.4

 

%

DTZ U.S. Borrower, LLC (dba Cushman & Wakefield)(7)(19)

 

Second lien senior secured loan

 

L + 7.75%

 

11/4/2022

 

 

4,750

 

 

 

4,710

 

 

 

4,750

 

 

 

2.0

 

%

 

 

 

 

 

 

 

 

 

17,366

 

 

 

17,263

 

 

 

17,336

 

 

 

7.4

 

%

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Access CIG, LLC(6)

 

First lien senior secured loan

 

L + 3.75%

 

2/27/2025

 

 

2,500

 

 

 

2,500

 

 

 

2,500

 

 

 

1.1

 

%

Access CIG, LLC(6)(19)

 

Second lien senior secured loan

 

L + 7.75%

 

2/27/2026

 

 

5,139

 

 

 

5,093

 

 

 

5,087

 

 

 

2.2

 

%

Access CIG, LLC(10)(12)(17)(19)

 

Second lien senior secured delayed draw term loan

 

L + 7.75%

 

8/27/2019

 

 

 

 

 

 

 

 

 

 

 

 

%

CIBT Global, Inc.(7)(19)

 

Second lien senior secured loan

 

L + 7.75%

 

6/1/2025

 

 

1,000

 

 

 

978

 

 

 

990

 

 

 

0.4

 

%

SMG Holdings, Inc.(6)

 

Second lien senior secured loan

 

L + 7.00%

 

1/23/2026

 

 

8,000

 

 

 

8,036

 

 

 

8,000

 

 

 

3.4

 

%

Transperfect Global, Inc.(6)(19)

 

First lien senior secured loan

 

L + 6.75%

 

5/7/2024

 

 

29,926

 

 

 

29,338

 

 

 

29,327

 

 

 

12.6

 

%

Vistage International, Inc.(6)(19)

 

Second lien senior secured loan

 

L + 8.00%

 

2/8/2026

 

 

6,500

 

 

 

6,447

 

 

 

6,435

 

 

 

2.8

 

%

 

 

 

 

 

 

 

 

 

53,065

 

 

 

52,392

 

 

 

52,339

 

 

 

22.5

 

%

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Douglas Products and Packaging Company LLC(7)(19)

 

First lien senior secured loan

 

L + 5.75%

 

3/29/2022

 

 

7,198

 

 

 

7,147

 

 

 

7,144

 

 

 

3.1

 

%

Douglas Products and Packaging Company LLC(10)(11)(17)(19)

 

First lien senior secured revolving loan

 

L + 5.75%

 

3/29/2022

 

 

 

 

 

(6

)

 

 

(6

)

 

 

 

%

 

 

 

 

 

 

 

 

 

7,198

 

 

 

7,141

 

 

 

7,138

 

 

 

3.1

 

%

Consumer products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feradyne Outdoors, LLC(7)(19)

 

First lien senior secured loan

 

L + 6.25%

 

5/25/2023

 

 

990

 

 

 

980

 

 

 

970

 

 

 

0.4

 

%

Containers and packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ring Container Technologies Group, LLC(6)(19)

 

Second lien senior secured loan

 

L + 7.50%

 

10/31/2025

 

 

10,000

 

 

 

9,812

 

 

 

9,900

 

 

 

4.3

 

%

5


Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of June 30, 2018

(Amounts in thousands, except share and per share amounts)

(Unaudited)

 

Company(1)(2)(3)(16)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(4)(9)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Distribution

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dade Paper & Bag, LLC (dba Imperial-Dade)(6)(19)

 

First lien senior secured loan

 

L + 7.44%

 

6/9/2024

 

 

4,465

 

 

 

4,391

 

 

 

4,460

 

 

 

1.9

 

%

Education

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Learning Care Group (US) No. 2 Inc.(6)(18)

 

First lien senior secured loan

 

L + 3.25%

 

3/13/2025

 

 

4,988

 

 

 

4,976

 

 

 

4,957

 

 

 

2.1

 

%

Learning Care Group (US) No. 2 Inc.(7)(19)

 

Second lien senior secured loan

 

L + 7.50%

 

3/13/2026

 

 

5,000

 

 

 

4,902

 

 

 

4,900

 

 

 

2.1

 

%

TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(7)(19)

 

First lien senior secured loan

 

L + 6.00%

 

5/14/2024

 

 

9,840

 

 

 

9,599

 

 

 

9,594

 

 

 

4.1

 

%

TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(10)(11)(17)(19)

 

First lien senior secured revolving loan

 

L + 6.00%

 

5/14/2024

 

 

 

 

 

(16

)

 

 

(17

)

 

 

 

%

 

 

 

 

 

 

 

 

 

19,828

 

 

 

19,461

 

 

 

19,434

 

 

 

8.3

 

%

Energy equipment and services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hillstone Environmental Partners, LLC(7)(19)

 

First lien senior secured loan

 

L + 7.75%

 

4/25/2023

 

 

5,959

 

 

 

5,871

 

 

 

5,869

 

 

 

2.5

 

%

Hillstone Environmental Partners, LLC(10)(11)(17)(19)

 

First lien senior secured revolving loan

 

L + 7.75%

 

4/25/2023

 

 

 

 

 

(8

)

 

 

(8

)

 

 

 

%

Liberty Oilfield Services LLC(6)(15)(19)

 

First lien senior secured loan

 

L + 7.63%

 

9/19/2022

 

 

1,130

 

 

 

1,112

 

 

 

1,142

 

 

 

0.5

 

%

 

 

 

 

 

 

 

 

 

7,089

 

 

 

6,975

 

 

 

7,003

 

 

 

3.0

 

%

Financial services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blackhawk Network Holdings, Inc.(6)(18)

 

First lien senior secured loan

 

L + 3.00%

 

6/15/2025

 

 

10,000

 

 

 

9,975

 

 

 

9,963

 

 

 

4.3

 

%

Blackhawk Network Holdings, Inc.(6)(19)

 

Second lien senior secured loan

 

L + 7.00%

 

6/15/2026

 

 

10,000

 

 

 

9,893

 

 

 

9,893

 

 

 

4.3

 

%

NMI Acquisitionco, Inc. (dba Network Merchants)(6)(19)

 

First lien senior secured loan

 

L + 6.75%

 

9/6/2022

 

 

3,781

 

 

 

3,698

 

 

 

3,705

 

 

 

1.6

 

%

NMI Acquisitionco, Inc. (dba Network Merchants)(6)(10)(17)(19)

 

First lien senior secured revolving loan

 

L + 6.75%

 

9/6/2022

 

 

56

 

 

 

54

 

 

 

55

 

 

 

 

%

 

 

 

 

 

 

 

 

 

23,837

 

 

 

23,620

 

 

 

23,616

 

 

 

10.2

 

%

Food and beverage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CM7 Restaurant Holdings, LLC(6)(19)

 

First lien senior secured loan

 

L + 8.75%

 

5/22/2023

 

 

5,795

 

 

 

5,691

 

 

 

5,683

 

 

 

2.4

 

%

CM7 Restaurant Holdings, LLC(6)(10)(12)(17)(19)

 

First lien senior secured delayed draw term loan

 

L + 8.75%

 

5/21/2019

 

 

136

 

 

 

134

 

 

 

136

 

 

 

0.1

 

%

CM7 Restaurant Holdings, LLC(10)(12)(17)(19)

 

First lien senior secured delayed draw term loan

 

L + 8.75%

 

5/21/2019

 

 

 

 

 

 

 

 

 

 

 

 

%

Carolina Beverage Group (fka Cold Spring Brewing Company)(6)(19)

 

First lien senior secured loan

 

L + 5.25%

 

5/15/2024

 

 

6,550

 

 

 

6,421

 

 

 

6,419

 

 

 

2.8

 

%

Carolina Beverage Group (fka Cold Spring Brewing Company)(10)(11)(17)(19)

 

First lien senior secured revolving loan

 

L + 5.25%

 

5/15/2024

 

 

 

 

 

(9

)

 

 

(9

)

 

 

 

%

Manna Development Group, LLC(6)(19)

 

First lien senior secured loan

 

L + 6.00%

 

10/24/2022

 

 

8,836

 

 

 

8,708

 

 

 

8,703

 

 

 

3.7

 

%

Manna Development Group, LLC(6)(10)(17)(19)

 

First lien senior secured revolving loan

 

L + 6.00%

 

10/24/2022

 

 

133

 

 

 

107

 

 

 

123

 

 

 

0.1

 

%

 

 

 

 

 

 

 

 

 

21,450

 

 

 

21,052

 

 

 

21,055

 

 

 

9.1

 

%

6


Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of June 30, 2018

(Amounts in thousands, except share and per share amounts)

(Unaudited)

 

Company(1)(2)(3)(16)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(4)(9)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Healthcare providers and services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Geodigm Corporation (dba National Dentex)(6)(13)(19)

 

First lien senior secured loan

 

L + 6.54%

 

12/1/2021

 

 

991

 

 

 

983

 

 

 

991

 

 

 

0.4

 

%

Pearl Intermediate Parent LLC (dba PetVet Care Centers, LLC)(6)

 

Second lien senior secured loan

 

L + 6.25%

 

2/13/2026

 

 

4,000

 

 

 

3,981

 

 

 

3,980