Nuveen Churchill Direct Lending Corp. (NCDL): debt financing — Nuveen Churchill closes $297M CLO-III securitization; reduces Wells Fargo facility to $150M

Nuveen Churchill Direct Lending Corp.

Closed $296.97M term debt securitization (CLO-III) on March 14, 2024; notes due April 20, 2036.
Notes issued: $175.5M AAA Class A (SOFR+2.00%), $37.5M AA Class B (SOFR+2.65%), $2M AAA Class X (SOFR+1.40%), and $81.97M Subordinated Notes retained by company.
Amended Wells Fargo Financing Facility: maximum reduced from $275M to $150M; can increase to $250M with lender consent.
Reinvestment period under Wells Fargo facility ends March 31, 2025; undrawn fees escalate from 0.25% to 1.50% over time.

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. amended revolving credit of $150 million with Wells Fargo Bank, National Association.

Instrument: revolving credit
Principal: $150 million
Counterparty: Wells Fargo Bank, National Association
Event: amendment

Exact text from the filing

The Amendment, among other changes, decreases the maximum facility amount available under the Loan Agreement from $275 million to $150 million

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

Nuveen Churchill Direct Lending Corp. amended Third Amendment to Loan and Security Agreement with Wells Fargo Bank, National Association valued at decreases the maximum facility amount available under the Loan Agreement from $275 million to $150 m (effective 2024-03-14).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association
Value: decreases the maximum facility amount available under the Loan Agreement from $275 million to $150 m
Effective: 2024-03-14

Exact text from the filing

Also, on March 14, 2024 (the “Amendment Date”), Nuveen Churchill BDC SPV V, LLC (“SPV V”), a wholly owned subsidiary of the Company, entered into the Third Amendment to Loan and Security Agreement (the “Amendment”)

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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 with Churchill NCDLC CLO-III, LLC valued at $296,970,000 (effective 2024-03-14).

Action: entry
Agreement: notes offering
Counterparty: Churchill NCDLC CLO-III, LLC
Value: $296,970,000
Effective: 2024-03-14

Exact text from the filing

The notes offered in the 2024 Debt Securitization (the “2024 Notes”) were issued by Churchill NCDLC CLO-III, LLC (formerly known as Nuveen Churchill BDC SPV III, LLC) (the “2024 Issuer”), a direct, wholly owned, consolidated subsidiary of the Company, pursuant to an indenture (the “Indenture”) dated as of the Closing Date.

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299 debt financings filed in the last 30 days. Browse all debt financings →

Nuveen Churchill Direct Lending Corp. filing history →

Source: SEC EDGAR

accession 0001628280-24-012245

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