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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_12.htm
EX-31.1 - EX-31.1 - Owl Rock Capital Corp IIorccii-ex311_8.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 March 31, 2020

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

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

None

None

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.  

The aggregate market value of common stock held by non-affiliates as of December 31, 2019 has not been provided because there is no established market for the registrant’s shares of common stock.

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 May 12, 2020, the registrant had 127,384,808 shares of common stock, $0.01 par value per share, outstanding.

i


Table of Contents

 

 

 

 

 

Page

PART I.

 

CONSOLIDATED FINANCIAL INFORMATION

 

 

Item 1.

 

Consolidated Financial Statements

 

4

 

 

Consolidated Statements of Assets and Liabilities as of March 31, 2020 (Unaudited) and December 31, 2019

 

4

 

 

Consolidated Statements of Operations for the Three Months Ended March 31, 2020 and 2019 (Unaudited)

 

5

 

 

Consolidated Schedules of Investments as of March 31, 2020 (Unaudited) and December 31, 2019

 

6

 

 

Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2020 and 2019 (Unaudited)

 

25

 

 

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019 (Unaudited)

 

26

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

27

Item 2.

 

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

 

60

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

94

Item 4.

 

Controls and Procedures

 

96

PART II.

 

OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

97

Item 1A.

 

Risk Factors

 

97

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

103

Item 3.

 

Defaults Upon Senior Securities

 

103

Item 4.

 

Mine Safety Disclosures

 

103

Item 5.

 

Other Information

 

103

Item 6.

 

Exhibits

 

104

Signatures

 

105

 


 

ii


 

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 and our ability to access the debt and equity capital markets;

 

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

 

the impact of the novel strain of coronavirus known as “COVID-19” and related changes in base interest rates and significant market volatility on our business, our portfolio companies, our industry and the global economy;

 

interest rate volatility, including the decommissioning of LIBOR, 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 including our and their ability to achieve our respective objectives as a result of the current COVID-19 pandemic;

 

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 “Exchange Act”).

 

 

3

 


 

 

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)

 

 

 

March 31, 2020 (Unaudited)

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value (amortized cost of $1,720,819 and $1,443,007, respectively)

 

$

1,628,368

 

 

$

1,441,526

 

Cash

 

 

56,675

 

 

 

73,117

 

Interest receivable

 

 

9,342

 

 

 

9,031

 

Receivable for investments sold

 

 

 

 

 

2,309

 

Prepaid expenses and other assets

 

 

2,361

 

 

 

2,294

 

Total Assets

 

$

1,696,746

 

 

$

1,528,277

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred unamortized debt issuance costs of $9,730 and $10,447, respectively)

 

 

618,599

 

 

 

555,225

 

Distribution payable

 

 

7,902

 

 

 

5,266

 

Payable for investments purchased

 

 

22,812

 

 

 

 

Payables to affiliates

 

 

2,050

 

 

 

7,219

 

Accrued expenses and other liabilities

 

 

7,360

 

 

 

3,288

 

Total Liabilities

 

 

658,723

 

 

 

570,998

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common shares $0.01 par value, 450,000,000 shares authorized; 125,157,957 and 106,034,790 shares issued and outstanding, respectively

 

 

1,252

 

 

 

1,060

 

Additional paid-in-capital

 

 

1,130,099

 

 

 

959,247

 

Distributable earnings

 

 

(93,328

)

 

 

(3,028

)

Total Net Assets

 

 

1,038,023

 

 

 

957,279

 

Total Liabilities and Net Assets

 

$

1,696,746

 

 

$

1,528,277

 

Net Asset Value Per Share

 

$

8.29

 

 

$

9.03

 

________________

 

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

 

 


4

 


 

Owl Rock Capital Corporation II

Consolidated Statements of Operations

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

(Unaudited)

 

 

 

 

For the Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

Investment Income

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Interest income

 

$

33,699

 

 

$

18,596

 

Other income

 

 

609

 

 

 

332

 

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

 

 

34,308

 

 

 

18,928

 

Total Investment Income

 

 

34,308

 

 

 

18,928

 

Operating Expenses

 

 

 

 

 

 

 

 

Offering costs

 

 

676

 

 

 

1,099

 

Interest expense

 

 

9,408

 

 

 

4,961

 

Management fee

 

 

6,357

 

 

 

3,657

 

Performance based incentive fees

 

 

2,028

 

 

 

2,297

 

Professional fees

 

 

927

 

 

 

690

 

Directors' fees

 

 

256

 

 

 

149

 

Other general and administrative

 

 

633

 

 

 

456

 

Total Operating Expenses

 

 

20,285

 

 

 

13,309

 

Management and incentive fees waived (Note 3)

 

 

(506

)

 

 

(810

)

Expense support

 

 

(6,587

)

 

 

(1,835

)

Recoupment of expense support

 

 

 

 

 

 

Net Operating Expenses

 

 

13,192

 

 

 

10,664

 

Net Investment Income (Loss)

 

$

21,116

 

 

$

8,264

 

Net Realized and Change in Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

Net change in unrealized gain (loss):

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

(90,453

)

 

$

5,279

 

Translation of assets and liabilities in foreign currencies

 

 

(177

)

 

 

(38

)

Total Net Change in Unrealized Gain (Loss)

 

 

(90,630

)

 

 

5,241

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

122

 

 

 

210

 

Foreign currency transactions

 

 

(14

)

 

 

23

 

Total Net Realized Gain (Loss)

 

 

108

 

 

 

233

 

Total Net Realized and Change in Unrealized Gain (Loss)

 

 

(90,522

)

 

 

5,474

 

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

(69,406

)

 

$

13,738

 

Earnings Per Share - Basic and Diluted

 

$

(0.59

)

 

$

0.25

 

Weighted Average Shares Outstanding - Basic and Diluted

 

 

116,752,347

 

 

 

55,370,607

 

 

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

 

5

 


Owl Rock Capital Corporation II

Consolidated Schedule of Investments

As of March 31, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company(1)(2)(3)(21)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(4)(14)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Debt Investments(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising and media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IRI Holdings, Inc.(8)(23)

 

First lien senior secured loan

 

L + 4.50%

 

12/1/2025

 

$

24,688

 

 

$

24,481

 

 

$

23,330

 

 

 

2.2

 

%

Swipe Acquisition Corporation (dba PLI)(8)(23)

 

First lien senior secured loan

 

L + 8.00%

 

6/29/2024

 

 

19,552

 

 

 

19,254

 

 

 

17,598

 

 

 

1.7

 

%

 

 

 

 

 

 

 

 

 

44,240

 

 

 

43,735

 

 

 

40,928

 

 

 

3.9

 

%

Aerospace and defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aviation Solutions Midco, LLC (dba STS Aviation)(8)(23)

 

First lien senior secured loan

 

L + 6.25%

 

1/6/2025

 

 

34,511

 

 

 

33,899

 

 

 

30,283

 

 

 

2.9

 

%

Propulsion Acquisition, LLC (dba Belcan, Inc.)(8)

 

First lien senior secured loan

 

L + 6.00%

 

7/13/2021

 

 

27,251

 

 

 

27,072

 

 

 

26,024

 

 

 

2.5

 

%

Valence Surface Technologies LLC(8)(23)

 

First lien senior secured loan

 

L + 5.75%

 

6/28/2025

 

 

24,875

 

 

 

24,541

 

 

 

22,512

 

 

 

2.2

 

%

Valence Surface Technologies LLC(9)(15)(17)(22)(23)

 

First lien senior secured delayed draw term loan

 

L + 5.75%

 

6/28/2021

 

 

6,000

 

 

 

5,910

 

 

 

5,288

 

 

 

0.5

 

%

Valence Surface Technologies LLC(9)(15)(22)(23)

 

First lien senior secured revolving loan

 

L + 5.75%

 

6/28/2025

 

 

2,488

 

 

 

2,455

 

 

 

2,250

 

 

 

0.2

 

%

 

 

 

 

 

 

 

 

 

95,125

 

 

 

93,877

 

 

 

86,357

 

 

 

8.3

 

%

Automotive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mavis Tire Express Services Corp.(8)(23)

 

Second lien senior secured loan

 

L + 7.57%

 

3/20/2026

 

 

26,695

 

 

 

26,243

 

 

 

24,427

 

 

 

2.4

 

%

Mavis Tire Express Services Corp.(15)(16)(17)(22)(23)

 

Second lien senior secured delayed draw term loan

 

L + 8.00%

 

3/20/2021

 

 

 

 

 

 

 

 

(118

)

 

 

 

%

 

 

 

 

 

 

 

 

 

26,695

 

 

 

26,243

 

 

 

24,309

 

 

 

2.4

 

%

Buildings and real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Associations, Inc.(8)(23)

 

First lien senior secured loan

 

L + 4.00%  (incl. 3.00% PIK)

 

7/30/2024

 

 

27,990

 

 

 

27,724

 

 

 

27,081

 

 

 

2.6

 

%

Associations, Inc.(8)(15)(17)(22)(23)

 

First lien senior secured delayed draw term loan

 

L + 4.00%  (incl. 3.00% PIK)

 

7/30/2021

 

 

3,657

 

 

 

3,612

 

 

 

3,484

 

 

 

0.3

 

%

Associations, Inc.(12)(15)(22)(23)

 

First lien senior secured revolving loan

 

P + 5.00%

 

7/30/2024

 

 

1,000

 

 

 

991

 

 

 

963

 

 

 

0.1

 

%

Reef Global, Inc. (fka Cheese Acquisition, LLC)(8)(23)

 

First lien senior secured loan

 

L + 4.75%

 

11/28/2024

 

 

18,705

 

 

 

18,477

 

 

 

17,676

 

 

 

1.7

 

%

Imperial Parking Canada(11)(23)

 

First lien senior secured loan

 

C + 5.00%

 

11/28/2024

 

 

3,469

 

 

 

3,701

 

 

 

3,277

 

 

 

0.3

 

%

Reef Global, Inc. (fka Cheese Acquisition, LLC)(12)(15)(22)(23)

 

First lien senior secured revolving loan

 

P + 3.75%

 

11/28/2023

 

 

1,526

 

 

 

1,505

 

 

 

1,401

 

 

 

0.1

 

%

Velocity Commercial Capital, LLC(9)(23)

 

First lien senior secured loan

 

L + 7.50%

 

8/29/2024

 

 

14,020

 

 

 

13,861

 

 

 

13,284

 

 

 

1.3

 

%

 

 

 

 

 

 

 

 

 

70,367

 

 

 

69,871

 

 

 

67,166

 

 

 

6.4

 

%

6


Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of March 31, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company(1)(2)(3)(21)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(4)(14)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Access CIG, LLC(8)(23)

 

Second lien senior secured loan

 

L + 7.75%

 

2/27/2026

 

 

24,564

 

 

 

24,457

 

 

 

23,091

 

 

 

2.2

 

%

CIBT Global, Inc.(8)(23)

 

Second lien senior secured loan

 

L + 7.75%

 

6/2/2025

 

 

10,500

 

 

 

10,278

 

 

 

8,689

 

 

 

0.8

 

%

ConnectWise, LLC(9)(23)

 

First lien senior secured loan

 

L + 6.00%

 

2/28/2025

 

 

33,596

 

 

 

33,230

 

 

 

32,001

 

 

 

3.1

 

%

ConnectWise, LLC(15)(16)(22)(23)

 

First lien senior secured revolving loan

 

L + 6.00%

 

2/28/2025

 

 

 

 

 

(38

)

 

 

(172

)

 

 

 

%

Entertainment Benefits Group, LLC(6)(23)

 

First lien senior secured loan

 

L + 5.75%

 

9/30/2025

 

 

20,398

 

 

 

20,114

 

 

 

18,461

 

 

 

1.8

 

%

Entertainment Benefits Group, LLC(6)(15)(22)(23)

 

First lien senior secured revolving loan

 

L + 5.75%

 

9/30/2024

 

 

2,590

 

 

 

2,550

 

 

 

2,305

 

 

 

0.2

 

%

 

 

 

 

 

 

 

 

 

91,648

 

 

 

90,591

 

 

 

84,375

 

 

 

8.1

 

%

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Douglas Products and Packaging Company LLC(8)(23)

 

First lien senior secured loan

 

L + 5.75%

 

10/19/2022

 

 

18,188

 

 

 

18,071

 

 

 

17,234

 

 

 

1.7

 

%

Douglas Products and Packaging Company LLC(12)(15)(22)(23)

 

First lien senior secured revolving loan

 

P + 4.75%

 

10/19/2022

 

 

1,526

 

 

 

1,519

 

 

 

1,446

 

 

 

0.1

 

%

Innovative Water Care Global Corporation(8)(23)

 

First lien senior secured loan

 

L + 5.00%

 

2/27/2026

 

 

24,750

 

 

 

23,212

 

 

 

20,543

 

 

 

2.0

 

%

 

 

 

 

 

 

 

 

 

44,464

 

 

 

42,802

 

 

 

39,223

 

 

 

3.8

 

%

Consumer products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feradyne Outdoors, LLC(8)(22)(23)

 

First lien senior secured loan

 

L + 6.25%

 

5/25/2023

 

 

973

 

 

 

966

 

 

 

827

 

 

 

0.1

 

%

WU Holdco, Inc. (dba Weiman Products, LLC)(8)(23)

 

First lien senior secured loan

 

L + 5.50%

 

3/26/2026

 

 

48,395

 

 

 

47,487

 

 

 

45,855

 

 

 

4.4

 

%

WU Holdco, Inc. (dba Weiman Products, LLC)(8)(15)(22)(23)

 

First lien senior secured revolving loan

 

L + 5.50%

 

3/26/2025

 

 

1,976

 

 

 

1,943

 

 

 

1,871

 

 

 

0.2

 

%

 

 

 

 

 

 

 

 

 

51,344

 

 

 

50,396

 

 

 

48,553

 

 

 

4.7

 

%

Containers and packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pregis Topco LLC(6)(23)

 

Second lien senior secured loan

 

L + 8.00%

 

7/30/2027

 

 

28,667

 

 

 

28,126

 

 

 

26,588

 

 

 

2.6

 

%

 

 

 

 

 

 

 

 

 

28,667

 

 

 

28,126

 

 

 

26,588

 

 

 

2.6

 

%

Distribution

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aramsco, Inc.(6)(23)

 

First lien senior secured loan

 

L + 5.25%

 

8/28/2024

 

 

10,488

 

 

 

10,308

 

 

 

9,859

 

 

 

0.9

 

%

Aramsco, Inc.(12)(15)(22)(23)

 

First lien senior secured revolving loan

 

L + 5.25%

 

8/28/2024

 

 

557

 

 

 

537

 

 

 

494

 

 

 

 

%

Dealer Tire, LLC(6)(22)(23)(24)

 

First lien senior secured loan

 

L + 4.25%

 

12/12/2025

 

 

29,925

 

 

 

29,851

 

 

 

24,838

 

 

 

2.4

 

%

Endries Acquisition, Inc.(10)(23)

 

First lien senior secured loan

 

L + 6.25%

 

12/10/2025

 

 

19,800

 

 

 

19,504

 

 

 

18,662

 

 

 

1.8

 

%

Endries Acquisition, Inc.(10)(15)(17)(22)(23)

 

First lien senior secured delayed draw term loan

 

L + 6.25%

 

12/10/2020

 

 

2,381

 

 

 

2,282

 

 

 

1,982

 

 

 

0.2

 

%

Endries Acquisition, Inc.(15)(16)(22)(23)

 

First lien senior secured revolving loan

 

L + 6.25%

 

12/10/2024

 

 

 

 

 

(41

)

 

 

(173

)

 

 

 

%

Individual Foodservice Holdings, LLC(9)(22)(23)

 

First lien senior secured loan

 

L + 5.75%

 

11/22/2025

 

 

21,366

 

 

 

20,922

 

 

 

20,031

 

 

 

1.9

 

%

Individual Foodservice Holdings, LLC(9)(15)(17)(22)(23)

 

First lien senior secured delayed draw term loan

 

L + 5.75%

 

5/22/2021

 

 

1,607

 

 

 

1,477

 

 

 

1,213

 

 

 

0.1

 

%

7

 


Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of March 31, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company(1)(2)(3)(21)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(4)(14)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Individual Foodservice Holdings, LLC(9)(15)(22)(23)

 

First lien senior secured revolving loan

 

L + 5.75%

 

11/22/2024

 

 

1,260

 

 

 

1,183

 

 

 

1,024

 

 

 

0.1

 

%

Offen, Inc.(9)(23)

 

First lien senior secured loan

 

L + 5.00%

 

6/22/2026

 

 

3,645

 

 

 

3,612

 

 

 

3,326

 

 

 

0.3

 

%

Offen, Inc.(15)(16)(17)(22)(23)

 

First lien senior secured delayed draw term loan

 

L + 5.00%

 

12/21/2020

 

 

 

 

 

(12

)

 

 

(116

)

 

 

 

%

 

 

 

 

 

 

 

 

 

91,029

 

 

 

89,623

 

 

 

81,140

 

 

 

7.7

 

%

Education

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2U, Inc.(6)(20)(23)

 

First lien senior secured loan

 

L + 6.75%

 

5/22/2024

 

 

20,000

 

 

 

19,744

 

 

 

19,250

 

 

 

1.9

 

%

Instructure, Inc.(8)(22)(23)

 

First lien senior secured loan

 

L + 7.00%

 

3/24/2026

 

 

23,919

 

 

 

23,622

 

 

 

23,621

 

 

 

2.3

 

%

Instructure, Inc.(15)(16)(22)(23)

 

First lien senior secured revolving loan

 

L + 7.00%

 

3/24/2026

 

 

 

 

 

(23

)

 

 

(23

)

 

 

 

%

Learning Care Group (US) No. 2 Inc.(8)(23)

 

Second lien senior secured loan

 

L + 7.50%

 

3/13/2026

 

 

5,393

 

 

 

5,310

 

 

 

5,218

 

 

 

0.5

 

%

Severin Acquisition, LLC (dba PowerSchool)(8)(23)

 

Second lien senior secured loan

 

L + 6.75%

 

8/3/2026

 

 

28,000

 

 

 

27,909

 

 

 

25,690

 

 

 

2.5

 

%

TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(8)(23)

 

First lien senior secured loan

 

L + 6.00%

 

5/14/2024

 

 

9,667

 

 

 

9,490

 

 

 

9,329

 

 

 

0.9

 

%

TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(8)(15)(22)(23)

 

First lien senior secured revolving loan

 

L + 6.00%

 

5/14/2024

 

 

192

 

 

 

180

 

 

 

168

 

 

 

 

%

 

 

 

 

 

 

 

 

 

87,171

 

 

 

86,232

 

 

 

83,253

 

 

 

8.1

 

%

Energy equipment and services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liberty Oilfield Services LLC(6)(20)(23)

 

First lien senior secured loan

 

L + 7.63%

 

9/19/2022

 

 

1,095

 

 

 

1,084

 

 

 

1,038

 

 

 

0.1

 

%

 

 

 

 

 

 

 

 

 

1,095

 

 

 

1,084

 

 

 

1,038

 

 

 

0.1

 

%

Financial services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blackhawk Network Holdings, Inc.(6)(23)

 

Second lien senior secured loan

 

L + 7.00%

 

6/15/2026

 

 

18,777

 

 

 

18,647

 

 

 

17,321

 

 

 

1.7

 

%

NMI Acquisitionco, Inc. (dba Network Merchants)(6)(23)