By Cristal Cody
Tupelo, Miss., Dec. 12 – Churchill Asset Management LLC priced a $356.65 million middle-market collateralized loan obligation offering, according to a market source and a company news release on Thursday.
Churchill Middle Market CLO IV Ltd./Churchill Middle Market CLO IV LLC sold $130 million of class A-1 floating-rate notes at Libor plus 175 basis points, $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 priced $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.
Natixis Securities Americas LLC was the placement agent.
Churchill affiliate Nuveen Alternatives Advisors LLC will manage the CLO. Churchill will serve as the subadvisor.
The notes are due Jan. 23, 2032.
The CLO has a two-year non-call period and a four-year reinvestment period.
The deal is backed primarily by middle-market senior secured loans, 90% of which have been purchased as of closing.
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
|
| Amount: | $356.65 million
|
| Maturity: | Jan. 23, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Middle-market CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Nuveen Alternatives Advisors LLC
|
| Call feature: | Two years
|
| Pricing date: | Nov. 8
|
| Settlement date: | Dec. 12
|
|
|
| Class A-1 notes
|
| Amount: | $130 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $23 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.46%
|
| Rating: | S&P: AAA
|
|
|
| Class A-L loans
|
| Amount: | $50 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $38.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 256 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $26.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | S&P: A-
|
|
|
| Class D-1 notes
|
| Amount: | $15.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-2 notes
|
| Amount: | $3 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 6.53%
|
| Rating: | S&P: BBB-
|
|
|
| Class E-1 notes
|
| Amount: | $11 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 850 bps
|
| Rating: | S&P: BB+
|
|
|
| Class E-2 notes
|
| Amount: | $10.9 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 927 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $48.65 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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