$150 million plan repurchases shares when market price is below most recently reported NAV
NAV as of September 30, 2019 is $15.22 per share
NEW YORK–(BUSINESS WIRE)–Owl Rock Capital Corporation (NYSE: ORCC) today issued the following notice to shareholders pursuant to Section 23(c)(1) of the Investment Company Act of 1940.
January 14, 2020
As required by Section 23(c)(1) of the Investment Company Act of 1940, we are reminding you that the Board of Directors of Owl Rock Capital Corporation (“ORCC”) has authorized a stock repurchase program (the “Company 10b5-1 Plan”) to acquire up to $150 million in the aggregate of ORCC’s outstanding common stock.
Subject to its terms and conditions, the Company 10b5-1 Plan requires Goldman Sachs & Co. LLC, as ORCC’s agent, to repurchase shares of common stock on ORCC’s behalf when the market price per share is below the most recently reported net asset value per share (“NAV”). ORCC’s most recently reported NAV is $15.22 as of September 30, 2019.
The purchase of shares pursuant to the Company 10b5-1 Plan is intended to satisfy the conditions of Rule 10b5-1 and Rule 10b-18 under the Exchange Act, and will otherwise be subject to applicable law, including Regulation M, which may prohibit purchases under certain circumstances. Please see ORCC’s public disclosure for additional information about the Company 10b5-1 Plan.
The Company 10b5-1 Plan commenced on August 19, 2019 and will terminate upon the earliest to occur of (i) 18-months (tolled for periods during which the Company 10b5-1 Plan is suspended), (ii) the end of the trading day on which the aggregate purchase price for all shares purchased under the Company 10b5-1 Plan equals $150,000,000 and (iii) the occurrence of certain other events described in the Company 10b5-1 Plan. To date, no purchases have been made under the Company 10b5-1 Plan.
We appreciate your continued support.
Chief Operating Officer and Chief Financial Officer
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 September 30, 2019, ORCC had investments in 96 portfolio companies with an aggregate fair value of $8.3 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 approximately $14.6 billion of assets under management as of September 30, 2019.
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.
Sard Verbinnen & Co