Chicago, Jan. 20 – Nuveen Alternatives Advisors LLC and Churchill Asset Management LLC sold $399.7 million in a collateralized loan obligation being issued by Churchill MMSLF CLO-I LP/Churchill MMSLF CLO-I LLC, according to a pre-sale report.
The notes will mature on Oct. 1, 2032.
The CLO consists of $230 million of class A senior secured floating-rate notes at Libor plus 145 basis points, $50 million of class B senior secured floating-rate notes at Libor plus 190 bps, $28 million of class C senior secured deferrable floating-rate notes at Libor plus 260 bps and $91.7 million of LP interest with an additional $0 of GP interests.
Nuveen Alternatives Advisors LLC and Churchill Asset Management LLC will manage the collateral through the end of the reinvestment period on Oct. 1, 2024.
The collateral pool has mostly middle-market speculative-grade senior secured term loans.
The notes can be called starting Dec. 21, 2022.
Natixis Securities Americas 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 MMSLF CLO-I LP/Churchill MMSLF CLO-I LLC
|
| Issue: | Floating-rate notes, LP interests and GP interests
|
| Amount: | $399.7 million
|
| Maturity: | Oct. 1, 2032
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Managers: | Nuveen Alternatives Advisors LLC and Churchill Asset Management LLC
|
| Call feature: | Dec. 21, 2022
|
| Settlement date: | Dec. 21
|
|
|
| Class A notes
|
| Amount: | $230 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: A-
|
|
|
| LP interests
|
| Amount: | $91.7 million
|
| Securities: | LP interests
|
|
|
| GP interests
|
| Amount: | $0
|
| Securities: | GP interests
|
|
|
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