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EX-32.2 - EX-32.2 - Owl Rock Capital Corp IIorccii-ex322_6.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_9.htm
EX-10.3 - EX-10.3 - Owl Rock Capital Corp IIorccii-ex103_76.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 September 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.)

 

 

 

399 Park Avenue, 38th Floor

New York, New York

 

10022

(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 every Interactive Data File required to be submitted 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 such files).    Yes      No  

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth 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.

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

  

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 November 6, 2018, the registrant had 40,354,439 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 September 30, 2018 (Unaudited) and December 31, 2017

 

3

 

 

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

 

4

 

 

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

 

5

 

 

Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2018 and 2017 (Unaudited)

 

14

 

 

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

 

15

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

16

Item 2.

 

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

 

43

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

70

Item 4.

 

Controls and Procedures

 

71

PART II.

 

OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

72

Item 1A.

 

Risk Factors

 

72

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

72

Item 3.

 

Defaults Upon Senior Securities

 

72

Item 4.

 

Mine Safety Disclosures

 

72

Item 5.

 

Other Information

 

72

Item 6.

 

Exhibits

 

73

Signatures

 

74

 

 

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,” “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)

 

 

 

September 30, 2018

(Unaudited)

 

 

December 31, 2017

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value (amortized cost of $484,660 and $66,044, respectively)

 

$

486,482

 

 

$

66,136

 

Cash

 

 

18,333

 

 

 

43,131

 

Due from Adviser

 

 

 

 

 

167

 

Interest receivable

 

 

2,604

 

 

 

288

 

Subscriptions receivable

 

 

 

 

 

217

 

Prepaid expenses and other assets

 

 

1,139

 

 

 

401

 

Total Assets

 

$

508,558

 

 

$

110,340

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred financing costs of $3,996 and $2,436, respectively)

 

 

172,004

 

 

 

17,564

 

Payable for investments purchased

 

 

9,950

 

 

 

2,443

 

Management fee payable

 

 

 

 

 

375

 

Payables to affiliates

 

 

4,618

 

 

 

 

Accrued performance based incentive fees

 

 

440

 

 

 

19

 

Accrued expenses and other liabilities

 

 

1,442

 

 

 

856

 

Total Liabilities

 

 

188,454

 

 

 

21,257

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common shares $0.01 par value, 300,000,000 shares authorized; 35,256,292 and 9,866,216 shares issued and outstanding, respectively

 

 

353

 

 

 

99

 

Additional paid-in-capital

 

 

319,170

 

 

 

89,080

 

Undistributed (distributions in excess of) net investment income

 

 

(1,240

)

 

 

(188

)

Net unrealized gain (loss) on investments

 

 

1,821

 

 

 

92

 

Total Net Assets

 

 

320,104

 

 

 

89,083

 

Total Liabilities and Net Assets

 

$

508,558

 

 

$

110,340

 

Net Asset Value Per Share

 

$

9.08

 

 

$

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 September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

10,566

 

 

$

519

 

 

$

19,469

 

 

$

661

 

Other income

 

 

194

 

 

 

3

 

 

 

744

 

 

 

9

 

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

 

 

10,760

 

 

 

522

 

 

 

20,213

 

 

 

670

 

Total Investment Income

 

 

10,760

 

 

 

522

 

 

 

20,213

 

 

 

670

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Initial organization

 

 

 

 

 

328

 

 

 

 

 

 

602

 

Offering costs

 

 

853

 

 

 

 

 

 

2,831

 

 

 

 

Interest expense

 

 

2,492

 

 

 

13

 

 

 

4,144

 

 

 

30

 

Management fee

 

 

1,884

 

 

 

112

 

 

 

3,771

 

 

 

147

 

Performance based incentive fees

 

 

240

 

 

 

3

 

 

 

483

 

 

 

3

 

Professional fees

 

 

395

 

 

 

345

 

 

 

1,449

 

 

 

688

 

Directors' fees

 

 

103

 

 

 

49

 

 

 

226

 

 

 

134

 

Other general and administrative

 

 

299

 

 

 

215

 

 

 

857

 

 

 

551

 

Total Operating Expenses

 

 

6,266

 

 

 

1,065

 

 

 

13,761

 

 

 

2,155

 

Management and incentive fees waived (Note 3)

 

 

(333

)

 

 

 

 

 

(513

)

 

 

 

Expense support

 

 

 

 

 

(1,023

)

 

 

(2,646

)

 

 

(2,084

)

Recoupment of expense support

 

 

899

 

 

 

 

 

 

899

 

 

 

 

Net Operating Expenses

 

 

6,832

 

 

 

42

 

 

 

11,501

 

 

 

71

 

Net Investment Income (Loss)

 

$

3,928

 

 

$

480

 

 

$

8,712

 

 

$

599

 

Net Realized and Unrealized Gain (Loss) on Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

513

 

 

$

15

 

 

$

1,730

 

 

$

9

 

Total Net Unrealized Gain (Loss)

 

 

513

 

 

 

15

 

 

 

1,730

 

 

 

9

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

687

 

 

 

 

 

 

687

 

 

 

5

 

Total Net Realized Gain (Loss)

 

 

687

 

 

 

 

 

 

687

 

 

 

5

 

Total Net Realized and Unrealized Gain (Loss)

 

 

1,200

 

 

 

15

 

 

 

2,417

 

 

 

14

 

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

5,128

 

 

$

495

 

 

$

11,129

 

 

$

613

 

Earnings Per Share - Basic and Diluted

 

$

0.17

 

 

$

0.17

 

 

$

0.52

 

 

$

0.32

 

Weighted Average Shares Outstanding - Basic and Diluted

 

 

30,328,039

 

 

 

2,988,198

 

 

 

21,404,867

 

 

 

1,906,894

 

 

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

 

4


Owl Rock Capital Corporation II

Consolidated Schedule of Investments

As of September 30, 2018

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

(Unaudited)

 

Company(1)(2)(3)(18)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(4)(11)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Debt Investments(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising and media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Swipe Acquisition Corporation (dba PLI)(6)(20)

 

First lien senior secured loan

 

L + 7.50%

 

6/29/2024

 

$

17,819

 

 

$

17,474

 

 

$

17,463

 

 

 

5.6

 

%

Swipe Acquisition Corporation (dba PLI)(12)(13)(14)(19)(20)

 

First lien senior secured delayed draw term loan

 

L + 7.50%

 

9/30/2019

 

 

 

 

 

(30

)

 

 

(10

)

 

 

 

%

 

 

 

 

 

 

 

 

 

17,819

 

 

 

17,444

 

 

 

17,453

 

 

 

5.6

 

%

Aerospace and defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

First lien senior secured loan

 

L + 6.00%

 

7/13/2021

 

 

24,872

 

 

 

24,646

 

 

 

24,623

 

 

 

7.7

 

%

Automotive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mavis Tire Express Services Corp.(6)(20)

 

Second lien senior secured loan

 

L + 7.50%

 

3/20/2026

 

 

23,000

 

 

 

22,514

 

 

 

22,540

 

 

 

7.0

 

%

Mavis Tire Express Services Corp.(6)(12)(14)(19)(20)

 

Second lien senior secured delayed draw term loan

 

L + 7.50%

 

3/20/2020

 

 

112

 

 

 

72

 

 

 

78

 

 

 

 

%

 

 

 

 

 

 

 

 

 

23,112

 

 

 

22,586

 

 

 

22,618

 

 

 

7.0

 

%

Buildings and real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Associations, Inc.(9)(20)

 

First lien senior secured loan

 

P + 6.00%  (incl. 3.00% PIK)

 

7/30/2024

 

 

20,096

 

 

 

19,852

 

 

 

19,845

 

 

 

6.2

 

%

Associations, Inc.(9)(12)(14)(19)(20)

 

First lien senior secured delayed draw term loan

 

P + 6.00%  (incl. 3.00% PIK)

 

7/30/2021

 

 

1,783

 

 

 

1,722

 

 

 

1,720

 

 

 

0.5

 

%

Associations, Inc.(12)(13)(19)(20)

 

First lien senior secured revolving loan

 

L + 6.00%

 

7/30/2024

 

 

 

 

 

(12

)

 

 

(13

)

 

 

 

%

 

 

 

 

 

 

 

 

 

21,879

 

 

 

21,562

 

 

 

21,552

 

 

 

6.7

 

%

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Access CIG, LLC(6)(20)

 

Second lien senior secured loan

 

L + 7.75%

 

2/27/2026

 

 

5,139

 

 

 

5,094

 

 

 

5,113

 

 

 

1.6

 

%

Access CIG, LLC(12)(14)(19)(20)

 

Second lien senior secured delayed draw term loan

 

L + 7.75%

 

8/27/2019

 

 

 

 

 

 

 

 

 

 

 

 

%

CIBT Global, Inc.(7)(20)

 

Second lien senior secured loan

 

L + 7.75%

 

6/1/2025

 

 

1,000

 

 

 

978

 

 

 

990

 

 

 

0.3

 

%

Transperfect Global, Inc.(6)(20)

 

First lien senior secured loan

 

L + 6.75%

 

5/7/2024

 

 

29,850

 

 

 

29,284

 

 

 

29,402

 

 

 

9.2

 

%

Vistage International, Inc.(6)(20)

 

Second lien senior secured loan

 

L + 8.00%

 

2/8/2026

 

 

6,500

 

 

 

6,448

 

 

 

6,468

 

 

 

2.0

 

%

 

 

 

 

 

 

 

 

 

42,489

 

 

 

41,804

 

 

 

41,973

 

 

 

13.1

 

%

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Douglas Products and Packaging Company LLC(7)(20)

 

First lien senior secured loan

 

L + 5.75%

 

3/29/2022

 

 

7,180

 

 

 

7,132

 

 

 

7,144

 

 

 

2.2

 

%

Douglas Products and Packaging Company LLC(12)(13)(19)(20)

 

First lien senior secured revolving loan

 

L + 5.75%

 

3/29/2022

 

 

 

 

 

(5

)

 

 

(4

)

 

 

 

%

 

 

 

 

 

 

 

 

 

7,180

 

 

 

7,127

 

 

 

7,140

 

 

 

2.2

 

%

Consumer products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feradyne Outdoors, LLC(7)(20)

 

First lien senior secured loan

 

L + 6.25%

 

5/25/2023

 

 

988

 

 

 

978

 

 

 

968

 

 

 

0.3

 

%

5


Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of September 30, 2018

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

(Unaudited)

 

Company(1)(2)(3)(18)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(4)(11)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Containers and packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pregis Holding I Corporation(7)(20)

 

Second lien senior secured loan

 

L + 7.25%

 

5/20/2022

 

 

7,000

 

 

 

6,873

 

 

 

6,867

 

 

 

2.1

 

%

Ring Container Technologies Group, LLC(6)(20)

 

Second lien senior secured loan

 

L + 7.50%

 

10/31/2025

 

 

10,000

 

 

 

9,816

 

 

 

10,000

 

 

 

3.2

 

%

 

 

 

 

 

 

 

 

 

17,000

 

 

 

16,689

 

 

 

16,867

 

 

 

5.3

 

%

Distribution

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aramsco, Inc.(6)(20)

 

First lien senior secured loan

 

L + 5.25%

 

8/28/2024

 

 

6,957

 

 

 

6,785

 

 

 

6,783

 

 

 

2.1

 

%

Aramsco, Inc.(9)(12)(19)(20)

 

First lien senior secured revolving loan

 

P + 4.25%

 

8/28/2024

 

 

330

 

 

 

305

 

 

 

304

 

 

 

0.1

 

%

Dade Paper & Bag, LLC (dba Imperial-Dade)(6)(20)

 

First lien senior secured loan

 

L + 7.44%

 

6/9/2024

 

 

4,454

 

 

 

4,382

 

 

 

4,451

 

 

 

1.4

 

%

 

 

 

 

 

 

 

 

 

11,741

 

 

 

11,472

 

 

 

11,538

 

 

 

3.6

 

%

Education

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Learning Care Group (US) No. 2 Inc.(6)(20)

 

Second lien senior secured loan

 

L + 7.50%

 

3/13/2026

 

 

5,000

 

 

 

4,904

 

 

 

4,900

 

 

 

1.5

 

%

Severin Acquisition, LLC (dba PowerSchool)(6)(20)

 

Second lien senior secured loan

 

L + 6.75%

 

8/1/2026

 

 

7,500

 

 

 

7,426

 

 

 

7,424

 

 

 

2.3

 

%

TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(7)(20)

 

First lien senior secured loan

 

L + 6.00%

 

5/14/2024

 

 

9,815

 

 

 

9,583

 

 

 

9,619

 

 

 

3.0

 

%

TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(12)(13)(19)(20)

 

First lien senior secured revolving loan

 

L + 6.00%

 

5/14/2024

 

 

 

 

 

(15

)

 

 

(13

)

 

 

 

%

 

 

 

 

 

 

 

 

 

22,315

 

 

 

21,898

 

 

 

21,930

 

 

 

6.8

 

%

Energy equipment and services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hillstone Environmental Partners, LLC(7)(20)

 

First lien senior secured loan

 

L + 7.75%

 

4/25/2023

 

 

5,959

 

 

 

5,876

 

 

 

5,959

 

 

 

1.9

 

%

Hillstone Environmental Partners, LLC(12)(13)(19)(20)

 

First lien senior secured revolving loan

 

L + 7.75%

 

4/25/2023

 

 

 

 

 

(7

)

 

 

 

 

 

 

%

Liberty Oilfield Services LLC(6)(17)(20)

 

First lien senior secured loan

 

L + 7.63%

 

9/19/2022

 

 

1,126

 

 

 

1,109

 

 

 

1,137

 

 

 

0.4

 

%

 

 

 

 

 

 

 

 

 

7,085

 

 

 

6,978

 

 

 

7,096

 

 

 

2.3

 

%

Financial services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blackhawk Network Holdings, Inc.(7)(20)

 

Second lien senior secured loan

 

L + 7.00%

 

6/15/2026

 

 

10,000

 

 

 

9,896

 

 

 

9,900

 

 

 

3.1

 

%

NMI Acquisitionco, Inc. (dba Network Merchants)(6)(20)

 

First lien senior secured loan

 

L + 6.75%

 

9/6/2022

 

 

3,771

 

 

 

3,694

 

 

 

3,658

 

 

 

1.1

 

%

NMI Acquisitionco, Inc. (dba Network Merchants)(6)(12)(19)(20)

 

First lien senior secured revolving loan

 

L + 6.75%

 

9/6/2022

 

 

56

 

 

 

55

 

 

 

54

 

 

 

 

%

 

 

 

 

 

 

 

 

 

13,827

 

 

 

13,645

 

 

 

13,612

 

 

 

4.2

 

%

Food and beverage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carolina Beverage Group (fka Cold Spring Brewing Company)(6)(20)

 

First lien senior secured loan

 

L + 5.25%

 

5/15/2024

 

 

6,328

 

 

 

6,208

 

 

 

6,233

 

 

 

1.9

 

%

Carolina Beverage Group (fka Cold Spring Brewing Company)(12)(13)(19)(20)

 

First lien senior secured revolving loan

 

L + 5.25%

 

5/15/2024

 

 

 

 

 

(8

)

 

 

(7

)

 

 

 

%

CM7 Restaurant Holdings, LLC(6)(20)

 

First lien senior secured loan

 

L + 8.75%

 

5/22/2023

 

 

5,795

 

 

 

5,695

 

 

 

5,650

 

 

 

1.8

 

%

CM7 Restaurant Holdings, LLC(12)(14)(19)(20)

 

First lien senior secured delayed draw term loan

 

L + 8.75%

 

5/21/2019

 

 

 

 

 

 

 

 

(16

)

 

 

 

%

CM7 Restaurant Holdings, LLC(6)(12)(14)(19)(20)

 

First lien senior secured delayed draw term loan

 

L + 8.75%

 

5/21/2019

 

 

136

 

 

 

134

 

 

 

131

 

 

 

 

%

Hometown Food Company(6)(20)

 

First lien senior secured loan

 

L + 5.25%

 

8/31/2023

 

 

3,467

 

 

 

3,399

 

 

 

3,397

 

 

 

1.1

 

%

6


Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of September 30, 2018

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

(Unaudited)

 

Company(1)(2)(3)(18)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(4)(11)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Hometown Food Company(6)(12)(19)(20)

 

First lien senior secured revolving loan

 

L + 5.25%

 

8/31/2023

 

 

184

 

 

 

174

 

 

 

174

 

 

 

0.1