On June 17, 2019, the board of directors of Owl Rock Capital Corporation II (“ORCCII”), a non-traded business development company, approved an amendment to the Company’s Articles of Amendment and Restatement to increase the number of authorized shares of common stock of the Company from 300,000,000 to 450,000,000. On June 18, 2019, the amendment was filed and became immediately effective. ORCCII is currently offering their shares to the public at a price of $9.55 per share. Assuming the maximum upfront sales load of 5%, or $0.48, net proceeds to the Company would be $9.07.
Since commencing their continuous public offering in 2017 and through June 11, 2019, ORCCII has issued 71,323,477 shares of their common stock for gross proceeds of approximately $663.1 million, including seed capital contributed by their adviser in September 2016 and approximately $10 million raised from certain individuals and entities affiliated with the adviser.
The Company’s investment strategy focuses primarily on originating and making loans to, and making debt and equity investments in, U.S. middle market companies, defined as companies with EBITDA between $10 million and $250 million annually and/or annual revenue of $50 million to $2.5 billion. Target credit investments will typically have maturities between three and ten years and generally range in size between $10 million and $125 million.
As of March 31, 2019, ORCCII had investments in 68 portfolio companies with an aggregate fair value of approximately $921 million. The portfolio consisted of 83.9% first lien debt investments, 13.4% second lien debt investments, 2.5% unsecured debt investments, and 0.2% equity investments. The Company reported a total return of 1.50% in the first quarter of 2019.
Sources: SEC, Owl Rock, Blue Vault