Nuveen Churchill Direct Lending Corp. (NCDL): debt financing — Nuveen Churchill prices $297M CLO with four tranches of notes

Nuveen Churchill Direct Lending Corp.

Priced $2M Class X (SOFR+1.40%), $175.5M Class A (SOFR+2.00%), $37.5M Class B (SOFR+2.65%), and $81.97M Subordinated Notes (retained).
Securitization backed by diversified senior secured and second lien loans; maturity April 20, 2036.
Closing expected on or around March 14, 2024; subject to ratings from S&P and customary conditions.
Company will serve as collateral manager and waive management fees for the 2024 Issuer.
All principal collections may be reinvested through April 20, 2028 under company direction.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Nuveen Churchill Direct Lending Corp. incurred senior notes of $37,500,000 of AA Class B Notes with Wells Fargo Securities, LLC at the three-month Term SOFR plus 2.65% maturing April 20, 2036.

Instrument: senior notes
Principal: $37,500,000 of AA Class B Notes
Counterparty: Wells Fargo Securities, LLC
Rate: the three-month Term SOFR plus 2.65%
Maturity: April 20, 2036
Event: incurrence

Exact text from the filing

$37,500,000 of AA Class B Notes, which bear interest at the three-month Term SOFR plus 2.65%

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Nuveen Churchill Direct Lending Corp. incurred senior notes of $175,500,000 of AAA Class A Notes with Wells Fargo Securities, LLC at the three-month Term SOFR plus 2.00% maturing April 20, 2036.

Instrument: senior notes
Principal: $175,500,000 of AAA Class A Notes
Counterparty: Wells Fargo Securities, LLC
Rate: the three-month Term SOFR plus 2.00%
Maturity: April 20, 2036
Event: incurrence

Exact text from the filing

$175,500,000 of AAA Class A Notes, which bear interest at the three-month Term SOFR plus 2.00%

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Nuveen Churchill Direct Lending Corp. incurred senior notes of $2,000,000 of AAA Class X Notes with Wells Fargo Securities, LLC at the three-month Term SOFR plus 1.40% maturing April 20, 2036.

Instrument: senior notes
Principal: $2,000,000 of AAA Class X Notes
Counterparty: Wells Fargo Securities, LLC
Rate: the three-month Term SOFR plus 1.40%
Maturity: April 20, 2036
Event: incurrence

Exact text from the filing

The 2024 Notes consist of $2,000,000 of AAA Class X Notes, which bear interest at the three-month Term SOFR plus 1.40%

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Nuveen Churchill Direct Lending Corp. incurred debt of $81,970,000 of Subordinated Notes with Wells Fargo Securities, LLC maturing April 20, 2036.

Principal: $81,970,000 of Subordinated Notes
Counterparty: Wells Fargo Securities, LLC
Maturity: April 20, 2036
Event: incurrence

Exact text from the filing

In connection with pricing of the 2024 Debt Securitization, on February 9, 2024, the Company and the 2024 Issuer entered into a Purchase and Placement Agreement (the “Purchase and Placement Agreement”) with Wells Fargo Securities, LLC, as initial purchaser (in such capacity, the “Initial Purchaser”), pursuant to which the 2024 Issuer agreed to sell certain of the notes (the “2024 Notes”) to be issued pursuant to an indenture to the Initial Purchaser as part of the 2024 Debt Securitization.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Nuveen Churchill Direct Lending Corp. entered into Purchase and Placement Agreement with Wells Fargo Securities, LLC valued at $2,000,000 AAA Class X Notes at 3-month Term SOFR + 1.40%; $175,500,000 AAA Class A Notes at 3-month (effective 2024-02-09).

Action: entry
Agreement: underwriting
Counterparty: Wells Fargo Securities, LLC
Value: $2,000,000 AAA Class X Notes at 3-month Term SOFR + 1.40%; $175,500,000 AAA Class A Notes at 3-month
Effective: 2024-02-09

Exact text from the filing

On February 9, 2024, Nuveen Churchill Direct Lending Corp. (the “Company”) priced a term debt securitization (the “2024 Debt Securitization”). Term debt securitization is also known as a collateralized loan obligation and is a form of secured financing incurred by Churchill NCDLC CLO-III, LLC (the “2024 Issuer”), a direct, wholly-owned, consolidated subsidiary of the Company. In connection with pricing of the 2024 Debt Securitization, on February 9, 2024, the Company and the 2024 Issuer entered into a Purchase and Placement Agreement (the “Purchase and Placement Agreement”) with Wells Fargo Securities, LLC, as initial purchaser (in such capacity, the “Initial Purchaser”), pursuant to which the 2024 Issuer agreed to sell certain of the notes (the “2024 Notes”) to be issued pursuant to an indenture to the Initial Purchaser as part of the 2024 Debt Securitization.

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Source: SEC EDGAR

accession 0001628280-24-005053

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