Nuveen Churchill Direct Lending Corp. Completes Major Notes Offering
Nuveen Churchill Direct Lending Corp. (the Company), a significant player in the finance sector, has achieved a notable milestone by successfully closing a public offering of 6.650% unsecured notes due in 2030, amounting to $300 million. This crucial financial maneuver not only reinforces the Company's funding capabilities but also allows for strategic investments in accordance with its objectives.
Details of the Offering
The notes, specifically designed for investors seeking stable returns, will yield an interest rate of 6.650% per annum. Payments will be made semi-annually, beginning on September 15, 2025. The maturity date is set for March 15, 2030, at which point the Company retains the option to redeem the notes partially or fully before February 15, 2030, depending on its financial strategy.
Use of Proceeds from the Notes
Nuveen Churchill intends to utilize the net proceeds, estimated at approximately $296 million post-expenses, primarily for repaying existing indebtedness. This includes settling outstanding amounts under its secured special purpose vehicle asset credit facility with Wells Fargo Bank and a portion of its senior secured revolving credit facility with Sumitomo Mitsui Banking Corporation. The remaining funds may be directed towards further investments supporting its operational goals.
Involvement of Key Financial Institutions
A host of esteemed financial institutions were engaged in this offering process. BofA Securities, Inc., SMBC Nikko Securities America, Inc., Wells Fargo Securities, LLC, and Morgan Stanley & Co. LLC served as the joint book-running managers for the issuance. Additionally, Citizens JMP Securities, LLC, Keefe, Bruyette & Woods, MUFG Securities Americas Inc., Truist Securities, Inc., and U.S. Bancorp Investments, Inc. acted as co-managers.
Investment Considerations for Investors
As always, prospective investors are encouraged to carefully review the investment objective, associated risks, and potential expenses linked with the Company before proceeding. This due diligence is crucial, particularly regarding the available prospectuses, which provide essential information about the offerings, regulatory compliance, and the Company’s financial health.
About Nuveen Churchill Direct Lending Corp.
Nuveen Churchill Direct Lending Corp. operates within a unique niche in the financial landscape. Specializing in inflation-protected investments, the Company primarily invests in senior secured loans targeting U.S. middle market companies owned by private equity. Registered as a business development company under the Investment Company Act of 1940, this structure enhances its operational capabilities.
The external management of the Company is entrusted to Churchill DLC Advisor LLC and its affiliated sub-adviser, Churchill Asset Management LLC. Both firms are a division of Nuveen, LLC, a prominent asset management entity globally.
Frequently Asked Questions
What is the total amount raised in this offering?
The offering successfully raised $300 million in total.
What is the interest rate on the issued notes?
The unsecured notes bear an interest rate of 6.650% per annum, payable semi-annually.
When will the notes mature?
The notes will mature on March 15, 2030.
What are the means of repayment for the offering proceeds?
The proceeds will primarily be used to repay existing indebtedness and support general investment purposes of the Company.
Who managed the notes offering?
The joint book-running managers included BofA Securities, SMBC Nikko Securities, Wells Fargo, and Morgan Stanley.
