Churchill closes $750 million Churchill Middle Market CLO III

By Marisa Wong

Los Angeles, Nov. 29 – Churchill Asset Management LLC announced it closed a $750 million middle market collateralized loan obligation, Churchill Middle Market CLO III Ltd., on Nov. 4.

The new CLO has a four-year reinvestment period and a collateral pool comprised of a diversified portfolio of senior secured loans, nearly 90% of which have been accumulated as of the closing date, according to a Monday press release.

The CLO’s capital structure includes seven classes of notes rated AAA through BB- by S&P Global Ratings, including one fixed-rate tranche. TIAA, Nuveen’s parent, holds the majority of the CLO’s subordinated notes.

Churchill said it has $1.5 billion of CLO assets under management and a pipeline of additional transactions, with a target of closing one to two deals per year.

Natixis Securities Americas LLC acted as administrative agent and arranger of the transaction.

Based in New York, Churchill is an investment specialist affiliate of Nuveen (the asset manager of TIAA) that provides customized financing solutions to middle market private equity firms and their portfolio companies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.