8-K
filed March 26, 2025, 7:59 PM ET
ticker NCDL
CIK 0001737924
debt
confidence high
sentiment neutral
materiality 0.55
Nuveen Churchill Direct Lending Corp. (NCDL): debt financing — Nuveen Churchill completes $458M CLO refinancing with new tranches due 2038
Nuveen Churchill Direct Lending Corp.
- Refinanced $457.975M of term debt securitization (CLO) on March 20, 2025.
- Issued $233.25M AAA Class A-R Notes (SOFR+1.38%), $56.25M AA Class B-R (SOFR+1.70%), $1.9M AAA Class X (SOFR+1.05%).
- Also drew $30M of AAA Class A-L-R Loans (SOFR+1.38%); $136.575M Subordinated Notes retained by company.
- New notes and loans mature April 20, 2038; optional redemption available after April 20, 2027.
- Proceeds used to redeem existing debt and fund new collateral; company waived management fee for collateral manager role.
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 $1.9 million of AAA Class X 2025 Notes with U.S. Bank Trust Company, National Association at three-month Term SOFR plus 1.05% maturing April 20, 2038.
- Instrument
- senior notes
- Principal
- $1.9 million of AAA Class X 2025 Notes
- Counterparty
- U.S. Bank Trust Company, National Association
- Rate
- three-month Term SOFR plus 1.05%
- Maturity
- April 20, 2038
- Event
- incurrence
Exact text from the filing
notes offered in the 2025 Debt Securitization Refinancing (the “2025 Notes”) were issued by the 2025 Issuer, pursuant to an indenture and security agreement (the “Indenture”), dated as of May 20, 2022 (the “Original Closing Date”), between the 2025 Issuer and U.S. Bank Trust Company, National Association, as trustee (in such capacity, the “Trustee”), as amended by a supplemental indenture (the “Supplemental Indenture”), dated as of the Refinancing Date, among the 2025 Issuer and the Trustee, and consented to by the Company, as collateral manager, retention holder and subordinated noteholder.
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 $56.25 million of AA Class B-R 2025 Notes with U.S. Bank Trust Company, National Association at three-month Term SOFR plus 1.70% maturing April 20, 2038.
- Instrument
- senior notes
- Principal
- $56.25 million of AA Class B-R 2025 Notes
- Counterparty
- U.S. Bank Trust Company, National Association
- Rate
- three-month Term SOFR plus 1.70%
- Maturity
- April 20, 2038
- Event
- incurrence
Exact text from the filing
$56.25 million of AA Class B-R 2025 Notes, which bear interest at the three-month Term SOFR plus 1.70%
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 $233.25 million of AAA Class A-R 2025 Notes with U.S. Bank Trust Company, National Association at three-month Term SOFR plus 1.38% maturing April 20, 2038.
- Instrument
- senior notes
- Principal
- $233.25 million of AAA Class A-R 2025 Notes
- Counterparty
- U.S. Bank Trust Company, National Association
- Rate
- three-month Term SOFR plus 1.38%
- Maturity
- April 20, 2038
- Event
- incurrence
Exact text from the filing
$233.25 million of AAA Class A-R 2025 Notes, which bear interest at the three-month Term SOFR plus 1.38%
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Nuveen Churchill Direct Lending Corp. incurred loan of $79.325 million with SG Americas Securities, LLC at do not bear interest maturing April 20, 2038.
- Instrument
- loan
- Principal
- $79.325 million
- Counterparty
- SG Americas Securities, LLC
- Rate
- do not bear interest
- Maturity
- April 20, 2038
- Event
- incurrence
Exact text from the filing
$79.325 million were issued on the Original Closing Date and remained outstanding on the Refinancing Date
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Nuveen Churchill Direct Lending Corp. incurred term loan of $30 million of AAA Class A-L-R 2025 Loans with various financial institutions and other persons at three-month Term SOFR plus 1.38% maturing April 20, 2038.
- Instrument
- term loan
- Principal
- $30 million of AAA Class A-L-R 2025 Loans
- Counterparty
- various financial institutions and other persons
- Rate
- three-month Term SOFR plus 1.38%
- Maturity
- April 20, 2038
- Event
- incurrence
Exact text from the filing
various financial institutions and other persons which are, or may become, parties thereto as lenders (the "Class A-L-R Lenders") committed to make $30 million of AAA Class A-L-R 2025 Loans
View on SEC.gov
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