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Exhibit 99.1
Owl Rock Capital Corporation Schedules Earnings Release and Quarterly Earnings Call to Discuss its Third Quarter Ended September 30, 2020 Financial Results
NEW YORK (October 5, 2020) – Owl Rock Capital Corporation (NYSE: ORCC) (“ORCC”) today announced it will release its financial results for the third quarter ended September 30, 2020 on Wednesday, November 4, 2020 after market close. ORCC invites all interested persons to its webcast / conference call on Thursday, November 5, 2020 at 10:00 a.m. Eastern Time to discuss its third quarter ended September 30, 2020 financial results.
Conference Call Information:
The conference call will be broadcast live at 10:00 a.m. Eastern Time on the Investor Resources section of ORCC’s website at www.owlrockcapitalcorporation.com. Please visit the website to test your connection before the webcast.
Participants are also invited to access the conference call by dialing one of the following numbers:
Domestic: (866) 393-4306
International: (734) 385-2616
Conference ID: 1683614
All callers will need to enter the Conference ID followed by the # sign and reference “Owl Rock Capital Corporation” once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected.
Replay Information:
An archived replay will be available for 14 days via a webcast link located on the Investor Resources section of ORCC’s website, and via the dial-in numbers listed below:
Domestic: (855) 859-2056
International: (404) 537-3406
Conference ID: 1683614
About Owl Rock Capital Corporation
Owl Rock Capital Corporation (ORCC) is a specialty finance company focused on lending to U.S. middle- market companies. As of June 30, 2020, ORCC had investments in 102 portfolio companies with an aggregate fair value of $9.2 billion. ORCC has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. ORCC is externally managed by Owl Rock Capital Advisors LLC, an SEC- registered investment adviser that is an affiliate of Owl Rock Capital Partners. Owl Rock Capital Partners, together with its subsidiaries, is a New York based direct lending platform with over $20 billion of assets under management as of September 30, 2020.
Certain information contained herein may constitute “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 ORCC, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its 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 ORCC’s 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, the risks, uncertainties and other factors identified in ORCC’s filings with the SEC. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which ORCC makes them. ORCC does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.
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Owl Rock Capital Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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In addition, to the extent that the impact to our portfolio companies results in reduced interest payments or permanent impairments on our investments, we could see a decrease in our net investment income which could result in an increase in the percentage of our cash flows dedicated to our debt obligations and could require us to reduce the future amount of distributions to our shareholders.
The Note Purchase Agreement for the 2023 Notes contains customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act and a RIC under the Code, minimum shareholders equity, minimum asset coverage ratio and prohibitions on certain fundamental changes at us or any subsidiary guarantor, as well as customary events of default with customary cure and notice, including, without limitation, nonpayment, misrepresentation in a material respect, breach of covenant, cross-default under other indebtedness of us or certain significant subsidiaries, certain judgments and orders, and certain events of bankruptcy.
The following table reflects the common stock issued pursuant to the dividend reinvestment plan during the nine months ended September 30, 2020: The following table reflects the common stock issued pursuant to the dividend reinvestment plan during the nine months ended September 30, 2019: Stock Repurchase Plan (the "Company 10b5-1 Plan") On July 7, 2019, our Board approved the Company 10b5-1 Plan, to acquire up to $150 million in the aggregate of our common stock at prices below our net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Exchange Act.
In connection with the IPO, on July 22, 2019, we entered into a stock repurchase plan (the "Company 10b5-1 Plan"), to acquire up to $150 million in the aggregate of our common stock at prices below its net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Exchange Act.
The agreement requires a minimum asset coverage ratio of 150% with respect to our consolidated assets and our subsidiaries, measured at the last day of any fiscal quarter and a minimum asset coverage ratio of no less than 200% with respect to our consolidated assets and our subsidiary guarantors (including certain limitations on the contribution of equity in financing subsidiaries as specified therein) to our secured debt and our subsidiary guarantors (the "Obligor Asset Coverage Ratio), measured at the last day of each fiscal quarter.
The Board undertakes a multi-step...Read more
In connection with the IPO,...Read more
The maximum principal amount of...Read more
The maximum principal amount of...Read more
During the nine months ended...Read more
The Revolving Credit Facility includes...Read more
Tax positions not deemed to...Read more
The ten largest contributors to...Read more
The Company 10b5-1 Plan commenced...Read more
Pursuant to our second amended...Read more
The following table provides information...Read more
We have executed amendments to...Read more
The weighted average yield was...Read more
(3) Includes the unrealized translation...Read more
(3) Includes the unrealized translation...Read more
The primary driver of our...Read more
For the three months ended...Read more
For the nine months ended...Read more
Effective June 19, 2019, the...Read more
Other income decreased period-over-period due...Read more
The primary driver of our...Read more
Variable rate loans bear interest...Read more
Variable rate loans bear interest...Read more
As a result of the...Read more
If we were required to...Read more
The absence or delay of...Read more
In order for us to...Read more
No gain or loss is...Read more
No gain or loss was...Read more
No gain or loss will...Read more
With respect to revolving loans,...Read more
For the three and nine...Read more
(12) The negative cost is...Read more
(10) The negative cost is...Read more
Portfolio Company Commitments From time...Read more
A summary of our contractual...Read more
Our credit facilities contain customary...Read more
The SPV Asset Facilities contain...Read more
As of September 30, 2020,...Read more
While several countries, as well...Read more
This system is intended primarily...Read more
From time to time, we...Read more
During the Revolving Period, if...Read more
Proceeds of the Revolving Credit...Read more
Our investment objective is to...Read more
Owl Rock Capital Corporation II's...Read more
Our investment objective is to...Read more
In addition, gross IRR does...Read more
We are finalizing discussions with...Read more
Lastly, cash provided by financing...Read more
On the SPV Asset Facility...Read more
On October 10, 2026, ORCC...Read more
On the Stated Maturity, ORCC...Read more
Discounts and premiums to par...Read more
First lien senior secured revolving...Read more
The maximum principal amount of...Read more
We invest in senior secured...Read more
As of September 30, 2020,...Read more
The Company 10b5-1 Plan was...Read more
Goldman, Sachs & Co., as...Read more
Period over period, income generated...Read more
Period over period, income generated...Read more
We may also generate cash...Read more
In addition, changes in the...Read more
We may from time to...Read more
(4) Inclusive of change in...Read more
(4) Inclusive of change in...Read more
Our primary operating expenses include...Read more
As of September 30, 2020...Read more
The outbreak has become increasingly...Read more
Management fees, net of the...Read more
Management fees, net of the...Read more
We evaluate tax positions taken...Read more
To the extent our current...Read more
Dividend income on preferred equity...Read more
The borrower is performing above...Read more
On the Stated Maturity, ORCC...Read more
Depending on the level of...Read more
The table below describes investments...Read more
Amounts drawn bear interest at...Read more
The purchase of shares pursuant...Read more
Interest payments received on non-accrual...Read more
Interest payments received on non-accrual...Read more
In any period, our interest...Read more
The Adviser has waived its...Read more
The Adviser has waived its...Read more
The Adviser has waived its...Read more
The Adviser has waived its...Read more
Except as specifically provided below,...Read more
The swap adjusted interest expense...Read more
The swap adjusted interest expense...Read more
(5) The amount available is...Read more
(5) The amount available is...Read more
We believe this is likely...Read more
To obtain and maintain our...Read more
Realized returns, with respect to...Read more
Through November 20, 2021, a...Read more
On July 7, 2019, our...Read more
As part of the CLO...Read more
As part of the CLO...Read more
As part of the CLO...Read more
Concurrently with the issuance of...Read more
We own all of the...Read more
Concurrently with the issuance of...Read more
For the three months ending...Read more
Even after the COVID-19 pandemic...Read more
First lien senior secured delayed...Read more
If the most recently computed...Read more
In addition to the borrower...Read more
Investment income for the three...Read more
LLC, as our agent, to...Read more
All distributions will be paid...Read more
Material Contracts, Statements, Certifications & more
Owl Rock Capital Corp provided additional information to their SEC Filing as exhibits
Ticker: ORCC
CIK: 1655888
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-050454
Submitted to the SEC: Wed Nov 04 2020 4:04:43 PM EST
Accepted by the SEC: Wed Nov 04 2020
Period: Wednesday, September 30, 2020