Chicago, April 3 – Churchill Asset Management LLC refinanced for $361.26 million the collateralized loan obligation issued by Churchill Middle Market CLO IV Ltd./Churchill Middle Market CLO IV LLC in December 2019, according to a presale report.
The CLO will mature on April 23, 2036.
The portfolio consists of $4.61 million of class X senior secured floating-rate notes at SOFR plus 130 basis points, $153 million of class A-R senior secured floating-rate notes at SOFR plus 193 bps, $50 million of class A-L-R senior secured floating-rate loans at SOFR plus 193 bps, $45.5 million of class B-R senior secured floating-rate notes at SOFR plus 250 bps, $21 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 320 bps, $17.5 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 500 bps, $21 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 814 bps and $48.65 million of subordinated notes.
Churchill Asset Management LLC will manage the collateral through the end of the reinvestment period on April 23, 2028.
Collateral consists of middle-market speculative-grade senior secured term loans.
The CLO can be called starting April 23, 2026.
Natixis Securities Americas LLC was the placement agent.
The original CLO had $130 million of class A-1 floating-rate notes at Libor plus 175 bps, $23 million of 3.46% class A-2 fixed-rate notes and $50 million of class A-L loans at Libor plus 175 bps.
In addition, the CLO originally had $38.5 million of class B floating-rate notes at Libor plus 255 bps, $26.2 million of class C deferrable floating-rate notes at Libor plus 365 bps, $15.4 million of class D-1 deferrable floating-rate notes at Libor plus 475 bps, $3 million of 6.53% class D-2 deferrable fixed-rate notes, $11 million of class E-1 deferrable floating-rate notes at Libor plus 850 bps, $10.9 million of class E-2 deferrable floating-rate notes at Libor plus 927 bps and $48.65 million of subordinated notes.
Nuveen is the asset management division of New York-based TIAA Global Asset Management, part of Teachers Insurance and Annuity Association of America.
| Issuer: | Churchill Middle Market CLO IV Ltd./Churchill Middle Market CLO IV LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $361.26 million
|
| Maturity: | April 23, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Churchill Asset Management LLC
|
| Call feature: | April 23, 2026
|
| Pricing date: | March 25
|
| Settlement date: | April 11
|
|
|
| Class X notes
|
| Amount: | $4.61 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 130 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $153 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 193 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-L-R loans
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 193 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $45.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 320 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 500 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 814 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $48.65 million
|
| Securities: | Subordinated notes
|
|
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