Item 1.01 - Entry into a Material Definitive Agreement.
On December 8, 2023, ORCC III Financing LLC (“ORCC III Financing”), a wholly owned subsidiary of Blue Owl Capital Corporation III, a Maryland corporation (the “Company”) entered into Amendment No. 4 (the “Fourth Credit Facility Amendment”) to its senior secured revolving credit facility (the “Secured Credit Facility”), dated July 29, 2021 and amended as of October 6, 2021, December 8, 2021 and March 16, 2022, by and among Société Générale, as agent, Blue Owl Diversified Credit Advisors LLC, as collateral manager, State Street Bank and Trust Company, as collateral agent, Alter Domus (US) LLC, as collateral custodian, and the lenders party thereto.
The Fourth Credit Facility Amendment amends the Secured Credit Facility to: (i) reduce the financing limit under the Secured Credit Facility from $625,000,000 to $525,000,000, (ii) reallocate the revolving commitments among certain revolving lenders to the Secured Credit Facility, (iii) add and remove certain revolving lenders to the facility, (iv) change the applicable margin for amounts drawn in GBP from 2.2693% to 2.6693%, (v) change the applicable margin for amounts drawn in U.S. dollars and any other non-GBP currencies from 2.30% to 2.70%, (vi) extend the revolving period from March 15, 2024 to March 16, 2026, (vii) extend the facility termination date from March 16, 2026 to March 15, 2028, and (viii) change the benchmark for amounts drawn in Canadian dollars from CDOR to Daily Compounded CORRA plus an adjustment of 0.32138% when CDOR becomes unavailable.
The description above is only a summary of the material provisions of the Fourth Credit Facility Amendment and is qualified in its entirety by reference to a copy of the form of Fourth Credit Facility Amendment, which is filed as Exhibit 10.1 to this current report on Form 8-K and is incorporated herein by reference.
Item 2.03 - Creation of a Direct Financial Obligation.
The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.
| Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits
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Exhibit Number | | Description |
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| 10.1 | | Amendment No. 4 to Loan and Servicing Agreement, dated as of December 8, 2023, by and among ORCC Financing III LLC, as Borrower, Blue Owl Capital Corporation III, as Equityholder, Blue Owl Diversified Credit Advisors LLC, as Collateral Manager, the Lenders from time to time parties thereto, Société Générale, as Agent, the other Lender Agents parties thereto, State Street Bank and Trust Company, as Collateral Agent, and Alter Domus (US) LLC, as Collateral Custodian. |
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| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
