NCDL prices ~$300M CLO refinancing; AAA notes at SOFR+1.38%

Nuveen Churchill Direct Lending Corp.

Total 2026 Debt of $299.7M: $125.5M AAA Class A-R Notes, $50M AAA Class A-L-R Loans, $37.5M AA Class B-R Notes, $86.7M Subordinated Notes.
AAA tranches bear interest at three-month Term SOFR + 1.38%; AA tranche at SOFR + 1.70%.
Company retains all $86.7M of Subordinated Notes, which do not bear interest.
Debt matures January 20, 2039; reinvestment period for collateral through January 20, 2031.
Closing expected February 20, 2026, subject to customary conditions and S&P ratings assignment.

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 debt of $50 million of AAA Class A-L-R Loans with U.S. Bank Trust Company, National Association at three-month Term SOFR plus 1.38% maturing January 20, 2039.

Principal: $50 million of AAA Class A-L-R Loans
Counterparty: U.S. Bank Trust Company, National Association
Rate: three-month Term SOFR plus 1.38%
Maturity: January 20, 2039
Event: incurrence

Exact text from the filing

2026 Notes, the “2026 Debt”). The 2026 Debt is expected to consist of $125.5 million of AAA Class A-R Notes, which will bear interest at the three-month Term SOFR plus 1.38%; $50 million of AAA Class A-L-R Loans, which will bear interest at the three-month Term SOFR plus 1.38%; $37.5 million of AA Class B-R Notes, which will bear interest at the three-month Term

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 $125.5 million of AAA Class A-R Notes with SG Americas Securities, LLC at three-month Term SOFR plus 1.38% maturing January 20, 2039.

Instrument: senior notes
Principal: $125.5 million of AAA Class A-R Notes
Counterparty: SG Americas Securities, LLC
Rate: three-month Term SOFR plus 1.38%
Maturity: January 20, 2039
Event: incurrence

Exact text from the filing

to which the 2026 Issuer will agree to incur certain of the loans (the “2026 Loans” and together with the 2026 Notes, the “2026 Debt”). The 2026 Debt is expected to consist of $125.5 million of AAA Class A-R Notes, which will bear interest at the three-month Term SOFR plus 1.38%; $50 million of AAA Class A-L-R Loans, which will bear interest at the three-month Term

View on SEC.gov

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

Nuveen Churchill Direct Lending Corp. incurred debt of $86.7 million of Subordinated Notes (which includes $83,060,000 Subordinated Notes issued on the Original Closing Date) maturing January 20, 2039.

Principal: $86.7 million of Subordinated Notes (which includes $83,060,000 Subordinated Notes issued on the Original Closing Date)
Maturity: January 20, 2039
Event: incurrence

Exact text from the filing

which will bear interest at the three-month Term SOFR plus 1.38%; $37.5 million of AA Class B-R Notes, which will bear interest at the three-month Term SOFR plus 1.70%; and $86.7 million of Subordinated Notes (which includes $83,060,000 Subordinated Notes issued on the Original Closing Date), which do not bear interest. The Company will directly retain all of the

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 $37.5 million of AA Class B-R Notes at three-month Term SOFR plus 1.70% maturing January 20, 2039.

Instrument: senior notes
Principal: $37.5 million of AA Class B-R Notes
Rate: three-month Term SOFR plus 1.70%
Maturity: January 20, 2039
Event: incurrence

Exact text from the filing

Notes, which will bear interest at the three-month Term SOFR plus 1.38%; $50 million of AAA Class A-L-R Loans, which will bear interest at the three-month Term SOFR plus 1.38%; $37.5 million of AA Class B-R Notes, which will bear interest at the three-month Term SOFR plus 1.70%; and $86.7 million of Subordinated Notes (which includes $83,060,000 Subordinated Notes

View on SEC.gov

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

Nuveen Churchill Direct Lending Corp. filing history →

Source: SEC EDGAR

accession 0001737924-26-000003

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