Nuveen Churchill closes $298M CLO debt securitization with multiple tranches

Nuveen Churchill Direct Lending Corp.

$298.06M term debt securitization closed Dec 7, 2023; notes and loans backed by senior secured and second lien loans.
Classes: $2M AAA Class X (SOFR+2%), $100.5M AAA A-1 (SOFR+2.35%), $37.5M AA B (SOFR+3.20%), $83.06M Subordinated (retained by company).
Additionally, $25M Class A-L-A loans and $50M Class A-L-B loans drawn at close (SOFR+2.35%).
Maturity Jan 20, 2036; reinvestment period until Jan 20, 2028; company serves as collateral manager and waives management fee.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Nuveen Churchill Direct Lending Corp. entered into Class A-L-A Loan Agreement with various financial institutions and other persons which are, or may become, parties thereto as lenders valued at $25 million (effective 2023-12-07).

Action: entry
Agreement: credit facility
Counterparty: various financial institutions and other persons which are, or may become, parties thereto as lenders
Value: $25 million
Effective: 2023-12-07

Exact text from the filing

the 2023 Issuer also entered into a loan agreement (the “Class A-L-A Loan Agreement”), pursuant to which various financial institutions and other persons which are, or may become, parties thereto as lenders (the “Class A-L-A Lenders”) committed to make $25 million of AAA Class A-L-A 2023 Loans to the 2023 Issuer

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Nuveen Churchill Direct Lending Corp. entered into Indenture and security agreement with Churchill NCDLC CLO-II, LLC valued at $298,060,000 (effective 2023-12-07).

Action: entry
Agreement: notes offering
Counterparty: Churchill NCDLC CLO-II, LLC
Value: $298,060,000
Effective: 2023-12-07

Exact text from the filing

The notes offered in the 2023 Debt Securitization (the “2023 Notes”) were issued by Churchill NCDLC CLO-II, LLC (formerly known as Nuveen Churchill BDC SPV II, LLC) (the “2023 Issuer”), a direct, wholly-owned, consolidated subsidiary of the Company, pursuant to an indenture and security agreement (the “Indenture”) dated as of the Closing Date.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Nuveen Churchill Direct Lending Corp. entered into Class A-L-B Loan Agreement with various financial institutions and other persons which are, or may become, parties thereto as lenders valued at $50 million (effective 2023-12-07).

Action: entry
Agreement: credit facility
Counterparty: various financial institutions and other persons which are, or may become, parties thereto as lenders
Value: $50 million
Effective: 2023-12-07

Exact text from the filing

a loan agreement (the “Class A-L-B Loan Agreement” and, together with the Class A-L-A Loan Agreement, the “Loan Agreements”), pursuant to which various financial institutions and other persons which are, or may become, parties thereto as lenders (the “Class A-L-B Lenders”) committed to make $50 million of AAA Class A-L-B 2023 Loans to the 2023 Issuer

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Nuveen Churchill Direct Lending Corp. entered into Placement Agreement with SMBC Nikko Securities America, Inc., as placement agent and Capital One Securities, Inc., as co-placement agent (effective 2023-12-07).

Action: entry
Agreement: underwriting
Counterparty: SMBC Nikko Securities America, Inc., as placement agent and Capital One Securities, Inc., as co-placement agent
Effective: 2023-12-07

Exact text from the filing

the 2023 Issuer entered into a Placement Agreement (the “Placement Agreement”) with SMBC Nikko Securities America, Inc., as placement agent (in such capacity, the “Placement Agent”) and Capital One Securities, Inc., as co-placement agent (in such capacity, the “Co-Placement Agent” and, together with the Placement Agent, the “Placement Agents”)

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23 material agreements filed in the last 30 days. Browse all material agreements →

Nuveen Churchill Direct Lending Corp. filing history →

Source: SEC EDGAR

accession 0001628280-23-041321

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