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EX-10.1 - EX-10.1 - Owl Rock Capital Corp IIorccii-ex101_46.htm

f

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, 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 November 10, 2020, the registrant had 138,990,222 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 September 30, 2020 (Unaudited) and December 31, 2019

 

4

 

 

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

 

5

 

 

Consolidated Schedules of Investments as of September 30, 2020 (Unaudited) and December 31, 2019

 

6

 

 

Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

 

28

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019 (Unaudited)

 

29

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

30

Item 2.

 

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

 

65

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

103

Item 4.

 

Controls and Procedures

 

104

PART II.

 

OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

105

Item 1A.

 

Risk Factors

 

105

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

111

Item 3.

 

Defaults Upon Senior Securities

 

112

Item 4.

 

Mine Safety Disclosures

 

112

Item 5.

 

Other Information

 

112

Item 6.

 

Exhibits

 

113

Signatures

 

114

 


 

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;

 

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)

 

 

 

September 30, 2020 (Unaudited)

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value (amortized cost of $1,883,299 and $1,443,007, respectively)

 

$

1,851,842

 

 

$

1,441,526

 

Cash

 

 

61,782

 

 

 

73,117

 

Interest receivable

 

 

8,714

 

 

 

9,031

 

Receivable for investments sold

 

 

1,088

 

 

 

2,309

 

Subscription receivable

 

 

4,040

 

 

 

 

Prepaid expenses and other assets

 

 

2,764

 

 

 

2,294

 

Total Assets

 

$

1,930,230

 

 

$

1,528,277

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred unamortized debt issuance costs of $8,609 and $10,447, respectively)

 

 

704,950

 

 

 

555,225

 

Distribution payable

 

 

 

 

 

5,266

 

Payable for investments purchased

 

 

26,537

 

 

 

 

Payables to affiliates

 

 

4,927

 

 

 

7,219

 

Accrued expenses and other liabilities

 

 

7,984

 

 

 

3,288

 

Total Liabilities

 

 

744,398

 

 

 

570,998

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common shares $0.01 par value, 450,000,000 shares authorized; 135,616,457 and 106,034,790 shares issued and outstanding, respectively

 

 

1,356

 

 

 

1,060

 

Additional paid-in-capital

 

 

1,219,745

 

 

 

959,247

 

Distributable earnings

 

 

(35,269

)

 

 

(3,028

)

Total Net Assets

 

 

1,185,832

 

 

 

957,279

 

Total Liabilities and Net Assets

 

$

1,930,230

 

 

$

1,528,277

 

Net Asset Value Per Share

 

$

8.74

 

 

$

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 September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

32,195

 

 

$

27,123

 

 

$

98,591

 

 

$

68,876

 

Dividend income

 

 

896

 

 

 

 

 

 

1,203

 

 

 

 

Other income

 

 

422

 

 

 

601

 

 

 

1,591

 

 

 

1,275

 

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

 

 

33,513

 

 

 

27,724

 

 

 

101,385

 

 

 

70,151

 

Total Investment Income

 

 

33,513

 

 

 

27,724

 

 

 

101,385

 

 

 

70,151

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Offering costs

 

 

563

 

 

 

919

 

 

 

2,001

 

 

 

2,918

 

Interest expense

 

 

6,765

 

 

 

6,704

 

 

 

26,598

 

 

 

17,041

 

Management fee

 

 

6,692

 

 

 

5,302

 

 

 

19,325

 

 

 

13,458

 

Performance based incentive fees

 

 

150

 

 

 

1,864

 

 

 

2,178

 

 

 

6,956

 

Professional fees

 

 

1,043

 

 

 

764

 

 

 

2,957

 

 

 

2,240

 

Directors' fees

 

 

206

 

 

 

162

 

 

 

714

 

 

 

464

 

Other general and administrative

 

 

604

 

 

 

514

 

 

 

1,935

 

 

 

1,387

 

Total Operating Expenses

 

 

16,023

 

 

 

16,229

 

 

 

55,708

 

 

 

44,464

 

Management and incentive fees waived (Note 3)

 

 

 

 

 

(991

)

 

 

(506

)

 

 

(2,792

)

Expense support

 

 

(3,079

)

 

 

(1,081

)

 

 

(15,460

)

 

 

(4,692

)

Net Operating Expenses

 

 

12,944

 

 

 

14,157

 

 

 

39,742

 

 

 

36,980

 

Net Investment Income (Loss)

 

$

20,569

 

 

$

13,567

 

 

$

61,643

 

 

$

33,171

 

Net Realized and Change in Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

21,728

 

 

$

(5,551

)

 

$

(30,483

)

 

$

1,709

 

Translation of assets and liabilities in foreign currencies

 

 

504

 

 

 

(354

)

 

 

531

 

 

 

(379

)

Total Net Change in Unrealized Gain (Loss)

 

 

22,232

 

 

 

(5,905

)

 

 

(29,952

)

 

 

1,330

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

570

 

 

 

1,112

 

 

 

692

 

 

 

1,322

 

Foreign currency transactions

 

 

(105

)

 

 

(4

)

 

 

(117

)

 

 

(8

)

Total Net Realized Gain (Loss)

 

 

465

 

 

 

1,108

 

 

 

575

 

 

 

1,314

 

Total Net Realized and Change in Unrealized Gain (Loss)

 

 

22,697

 

 

 

(4,797

)

 

 

(29,377

)

 

 

2,644

 

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

43,266

 

 

$

8,770

 

 

$

32,266

 

 

$

35,815

 

Earnings Per Share - Basic and Diluted

 

$

0.32

 

 

$

0.11

 

 

$

0.26

 

 

$

0.52

 

Weighted Average Shares Outstanding - Basic and Diluted

 

 

133,227,122

 

 

 

81,841,262

 

 

 

125,863,005

 

 

 

68,895,710

 

 

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

 

5

 


Owl Rock Capital Corporation II

Consolidated Schedule of Investments

As of September 30, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(22)

 

Investment

 

Interest

 

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(4)(30)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Debt Investments(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising and media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IRI Holdings, Inc.(6)(24)

 

First lien senior secured loan

 

L + 4.25%

 

 

12/1/2025

 

$

23,467

 

 

$

23,285

 

 

$

23,233

 

 

 

2.0

 

%

Swipe Acquisition Corporation (dba PLI)(8)(23)(24)(29)

 

First lien senior secured loan

 

L + 8.00%

 

 

6/29/2024

 

 

19,297

 

 

 

19,034

 

 

 

11,964

 

 

 

1.0

 

%

Swipe Acquisition Corporation (dba PLI)(6)(16)(18)(23)(24)(29)

 

First lien senior secured delayed draw term loan

 

L + 8.00%

 

 

11/13/2020

 

 

386

 

 

 

361

 

 

 

239

 

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

43,150

 

 

 

42,680

 

 

 

35,436

 

 

 

3.0

 

%

Aerospace and defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aviation Solutions Midco, LLC (dba STS Aviation)(8)(24)

 

First lien senior secured loan

 

L + 9.25% (incl. 9.25% PIK)

 

 

1/6/2025

 

 

36,236

 

 

 

35,683

 

 

 

30,801

 

 

 

2.6

 

%

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

 

First lien senior secured loan

 

L + 6.00%

 

 

7/13/2021

 

 

27,225

 

 

 

27,114

 

 

 

26,545

 

 

 

2.2

 

%

Valence Surface Technologies LLC(9)(24)

 

First lien senior secured loan

 

L + 5.75%

 

 

6/30/2025

 

 

24,688

 

 

 

24,382

 

 

 

22,343

 

 

 

1.9

 

%

Valence Surface Technologies LLC(8)(16)(18)(23)(24)

 

First lien senior secured delayed draw term loan

 

L + 5.75%

 

 

6/28/2021

 

 

5,970

 

 

 

5,889

 

 

 

5,260

 

 

 

0.4

 

%

Valence Surface Technologies LLC(16)(17)(23)(24)

 

First lien senior secured revolving loan

 

L + 5.75%

 

 

6/30/2025

 

 

 

 

 

(30

)

 

 

(238

)

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

94,119

 

 

 

93,038

 

 

 

84,711

 

 

 

7.1

 

%

Automotive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mavis Tire Express Services Corp.(8)(23)(24)(25)

 

First lien senior secured loan

 

L + 3.25%

 

 

3/20/2025

 

 

129

 

 

 

121

 

 

 

122

 

 

 

 

%

Mavis Tire Express Services Corp.(8)(24)

 

Second lien senior secured loan

 

L + 7.57%

 

 

3/20/2026

 

 

26,695

 

 

 

26,274

 

 

 

25,628

 

 

 

2.2

 

%

Mavis Tire Express Services Corp.(16)(17)(18)(23)(24)

 

Second lien senior secured delayed draw term loan

 

L + 8.00%

 

 

3/20/2021

 

 

 

 

 

 

 

 

(42

)

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

26,824

 

 

 

26,395

 

 

 

25,708

 

 

 

2.2

 

%

Buildings and real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Associations, Inc.(8)(24)

 

First lien senior secured loan

 

L + 7.00%  (incl. 3.00% PIK)

 

 

7/30/2024

 

 

28,416

 

 

 

28,178

 

 

 

28,133

 

 

 

2.5

 

%

Associations, Inc.(8)(16)(18)(24)

 

First lien senior secured delayed draw term loan

 

L + 7.00%  (incl. 3.00% PIK)

 

 

7/30/2021

 

 

5,098

 

 

 

5,058

 

 

 

5,046

 

 

 

0.4

 

%

Associations, Inc.(8)(23)(24)

 

First lien senior secured revolving loan

 

L + 6.00%

 

 

7/30/2024

 

 

1,000

 

 

 

992

 

 

 

985

 

 

 

0.1

 

%

Reef Global, Inc. (fka Cheese Acquisition, LLC)(9)(24)

 

First lien senior secured loan

 

L + 5.75%  (incl. 1.00% PIK)

 

 

11/28/2024

 

 

18,644

 

 

 

18,444

 

 

 

17,804

 

 

 

1.5

 

%

Imperial Parking Canada(11)(24)

 

First lien senior secured loan

 

C + 6.00% (incl. 1.00% PIK)

 

 

11/28/2024

 

 

3,678

 

 

 

3,689

 

 

 

3,513

 

 

 

0.3

 

%

Reef Global, Inc. (fka Cheese Acquisition, LLC)(6)(16)(23)(24)

 

First lien senior secured revolving loan

 

L + 4.75%

 

 

11/28/2023

 

 

1,526

 

 

 

1,509

 

 

 

1,424

 

 

 

0.1

 

%

Velocity Commercial Capital, LLC(8)(24)

 

First lien senior secured loan

 

L + 7.50%

 

 

8/29/2024

 

 

14,020

 

 

 

13,877

 

 

 

13,774

 

 

 

1.2

 

%

 

 

 

 

 

 

 

 

 

 

 

72,382

 

 

 

71,747

 

 

 

70,679

 

 

 

6.1

 

%

6


Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of September 30, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company(1)(2)(3)(22)

 

Investment

 

Interest

 

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(4)(30)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Access CIG, LLC(8)(24)

 

Second lien senior secured loan

 

L + 7.75%

 

 

2/27/2026

 

 

24,564

 

 

 

24,464

 

 

 

23,949

 

 

 

2.0

 

%

CIBT Global, Inc.(8)(23)(24)

 

First lien senior secured loan

 

L + 3.75%

 

 

6/3/2024

 

 

149

 

 

 

114

 

 

 

109

 

 

 

 

%

CIBT Global, Inc.(8)(23)(24)(29)

 

Second lien senior secured loan

 

L + 7.75% (incl. 6.75% PIK)

 

 

6/2/2025

 

 

10,863

 

 

 

10,223

 

 

 

7,061

 

 

 

0.6

 

%

ConnectWise, LLC(8)(24)

 

First lien senior secured loan

 

L + 5.50%

 

 

2/28/2025

 

 

33,427

 

 

 

33,093

 

 

 

33,260

 

 

 

2.8

 

%

ConnectWise, LLC(16)(17)(23)(24)

 

First lien senior secured revolving loan

 

L + 5.50%

 

 

2/28/2025

 

 

 

 

 

(34

)

 

 

(18

)

 

 

 

%

Entertainment Benefits Group, LLC(8)(24)

 

First lien senior secured loan

 

L + 8.25% (incl. 2.50% PIK)

 

 

9/30/2025

 

 

20,155

 

 

 

19,896

 

 

 

17,736

 

 

 

1.5

 

%

Entertainment Benefits Group, LLC(8)(16)(23)(24)

 

First lien senior secured revolving loan

 

L + 8.25% (incl. 2.50% PIK)

 

 

9/30/2024

 

 

2,536

 

 

 

2,503

 

 

 

2,199

 

 

 

0.2

 

%

 

 

 

 

 

 

 

 

 

 

 

91,694

 

 

 

90,259

 

 

 

84,296

 

 

 

7.1

 

%

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Douglas Products and Packaging Company LLC(8)(24)

 

First lien senior secured loan

 

L + 5.75%

 

 

10/19/2022

 

 

18,097

 

 

 

18,002

 

 

 

17,826

 

 

 

1.5

 

%

Douglas Products and Packaging Company LLC(12)(16)(24)

 

First lien senior secured revolving loan

 

P + 4.75%

 

 

10/19/2022

 

 

1,119

 

 

 

1,113

 

 

 

1,096

 

 

 

0.1

 

%

Innovative Water Care Global Corporation(8)(24)

 

First lien senior secured loan

 

L + 5.00%

 

 

2/27/2026

 

 

24,625

 

 

 

23,201

 

 

 

20,685

 

 

 

1.7

 

%

 

 

 

 

 

 

 

 

 

 

 

43,841

 

 

 

42,316

 

 

 

39,607

 

 

 

3.3

 

%

Consumer products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CD&R Smokey Buyer (fka Radio Systems)(23)(24)(25)(26)

 

First lien senior secured note

 

6.75%

 

 

7/15/2025

 

 

18,750

 

 

 

18,760

 

 

 

19,802

 

 

 

1.7

 

%

Feradyne Outdoors, LLC(8)(23)(24)

 

First lien senior secured loan

 

L + 8.25% (incl. 2.00% PIK)

 

 

5/25/2023

 

 

977

 

 

 

972

 

 

 

880

 

 

 

0.1

 

%

WU Holdco, Inc. (dba Weiman Products, LLC)(8)(24)

 

First lien senior secured loan

 

L + 5.25%

 

 

3/26/2026

 

 

48,152

 

 

 

47,311

 

 

 

47,670

 

 

 

4.1

 

%

WU Holdco, Inc. (dba Weiman Products, LLC)(16)(17)(23)(24)

 

First lien senior secured revolving loan

 

L + 5.25%

 

 

3/26/2025

 

 

 

 

 

(30

)

 

 

(20

)

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

67,879

 

 

 

67,013

 

 

 

68,332

 

 

 

5.9

 

%

Containers and packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pregis Topco LLC(6)(23)(24)(25)

 

First lien senior secured loan

 

L + 3.75%

 

 

7/31/2026

 

 

129

 

 

 

122

 

 

 

127

 

 

 

 

%

Pregis Topco LLC(6)(24)

 

Second lien senior secured loan

 

L + 7.75%

 

 

7/30/2027

 

 

28,667

 

 

 

28,154

 

 

 

28,380

 

 

 

2.4

 

%

 

 

 

 

 

 

 

 

 

 

 

28,796

 

 

 

28,276

 

 

 

28,507

 

 

 

2.4

 

%

7

 


Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of September 30, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company(1)(2)(3)(22)

 

Investment

 

Interest

 

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(4)(30)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Distribution

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aramsco, Inc.(6)(24)

 

First lien senior secured loan

 

L + 5.25%

 

 

8/28/2024

 

 

10,435

 

 

 

10,274

 

 

 

10,226

 

 

 

0.9

 

%

Aramsco, Inc.(6)(16)(23)(24)

 

First lien senior secured revolving loan

 

L + 5.25%

 

 

8/28/2024

 

 

557

 

 

 

540

 

 

 

536

 

 

 

 

%

Dealer Tire, LLC(6)(23)(24)(25)

 

First lien senior secured loan

 

L + 4.25%

 

 

12/12/2025

 

 

29,775

 

 

 

29,714

 

 

 

29,031

 

 

 

2.5

 

%

Endries Acquisition, Inc.(10)(24)

 

First lien senior secured loan

 

L + 6.25%

 

 

12/10/2025

 

 

19,700

 

 

 

19,427

 

 

 

19,257

 

 

 

1.6

 

%

Endries Acquisition, Inc.(10)(16)(18)(24)

 

First lien senior secured delayed draw term loan

 

L + 6.25%

 

 

12/10/2020

 

 

2,826

 

 

 

2,736

 

 

 

2,670

 

 

 

0.2

 

%

Endries Acquisition, Inc.(16)(17)(23)(24)

 

First lien senior secured revolving loan

 

L + 6.25%

 

 

12/10/2024

 

 

 

 

 

(37

)

 

 

(68

)