KBRA Assigns Rating to Owl Rock Capital Corporation III's $100 Million Senior Unsecured Notes due 2028
KBRA assigns a rating of BBB to Owl Rock Capital Corporation III’s ("ORCC III" or “the company") $100 million 8.10% senior unsecured notes due June 29, 2028.
- KBRA assigns a rating of BBB to Owl Rock Capital Corporation III’s ("ORCC III" or “the company") $100 million 8.10% senior unsecured notes due June 29, 2028.
- The company’s top 3 industry concentrations were Internet Software and Services (17.5%), Insurance (10.2%), and Healthcare Providers and Services (7.7%).
- The rating also reflects the company’s relatively appropriate gross leverage of 0.93x with regulatory asset coverage of 206%, leaving a solid 37% asset coverage cushion.
- The company’s investment strategy coincides with the strategies of Owl Rock Capital Corporation (KBRA Issuer/ Senior Unsecured Debt ratings of BBB/ Positive Outlook), Owl Rock Capital Corporation II (KBRA Issuer/ Senior Unsecured Debt Ratings of BBB/ Positive Outlook) and Owl Rock Core Income Corp. (KBRA Issuer/ Senior Unsecured Debt ratings of BBB/ Stable Outlook).