---
schema_version: "secwatch.filing_event.v1"
accession: "0001737924-26-000003"
form_type: "8-K"
ticker: "NCDL"
cik: "0001737924"
company_name: "Nuveen Churchill Direct Lending Corp."
filed_at: "2026-02-03T23:59:59+00:00"
generated_at: "2026-05-16T05:21:42.908928+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001737924-26-000003
- form_type: 8-K
- ticker: NCDL
- cik: 0001737924
- company_name: Nuveen Churchill Direct Lending Corp.
- filed_at: 2026-02-03T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1737924/000173792426000003/0001737924-26-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1737924/000173792426000003/ncdlc-20260129.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001737924-26-000003
- JSON: https://secwatch.observer/filing/0001737924-26-000003.json
- Plain text: https://secwatch.observer/filing/0001737924-26-000003.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1737924/000173792426000003/0001737924-26-000003-index.htm
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1737924/000173792426000003/0001737924-26-000003-index.htm
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1737924/000173792426000003/0001737924-26-000003-index.htm
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1737924/000173792426000003/0001737924-26-000003-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.