Chicago, March 12 – Nuveen Churchill Direct Lending Corp. sold $296.97 million in a collateralized loan obligation being issued by Churchill NCDLC CLO-III LLC, according to a presale report.
The notes will mature on April 20, 2036.
The CLO consists of $2 million of class X floating-rate notes at SOFR plus 140 basis points, $175.5 million of class A floating-rate notes at SOFR plus 200 bps, $37.5 million of class B floating-rate notes at SOFR plus 265 bps and $81.97 million of subordinated notes.
Nuveen Churchill Direct Lending Corp. will manage the collateral through the end of the reinvestment period on April 20, 2028.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting March 20, 2026.
Wells Fargo Securities LLC was the placement agent.
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.
| Issuer: | Churchill NCDLC CLO-III LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $296.97 million
|
| Maturity: | April 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Nuveen Churchill Direct Lending Corp.
|
| Call feature: | March 20, 2026
|
| Pricing date: | March 5
|
| Settlement date: | March 14
|
|
|
| Class X notes
|
| Amount: | $2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 140 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $175.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $37.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 265 bps
|
| Rating: | S&P: AA
|
|
|
| Subordinated notes
|
| Amount: | $81.97 million
|
| Securities: | Subordinated notes
|
|
|
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