Chicago, May 10 – Nuveen Churchill BDC Inc. sold $448.33 million in a collateralized loan obligation being issued by Churchill NCDLC CLO I LLC, according to a presale report.
The notes will mature on April 20, 2034.
The CLO consists of $199 million of class A-1 senior secured floating-rate notes at SOFR plus 180 basis points, $30 million of class A-1L senior secured floating-rate loans at SOFR plus 180 bps, $34.25 million of class A-1F 4.42% senior secured fixed-rate notes, $47.25 million of class B senior secured floating-rate notes at SOFR plus 230 bps, $31.5 million of class C senior secured deferrable floating-rate notes at SOFR plus 315 bps, $27 million of class D senior secured deferrable floating-rate notes at SOFR plus 415 bps and $79.33 million of subordinated notes.
Nuveen Churchill BDC Inc. will manage the collateral through the end of the reinvestment period on April 20, 2026.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting May 20, 2024.
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 I LLC
|
| Issue: | Floating-rate notes, floating-rate loans, fixed-rate notes and subordinated notes
|
| Amount: | $448.33 million
|
| Maturity: | April 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Nuveen Churchill BDC Inc.
|
| Call feature: | May 20, 2024
|
| Settlement date: | May 20
|
|
|
| Class A-1 notes
|
| Amount: | $199 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1L loans
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1F notes
|
| Amount: | $34.25 million
|
| Securities: | Senior Secured fixed-rate notes
|
| Coupon: | 4.42%
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $47.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $31.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 315 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 415 bps
|
| Rating: | S&P: BBB-
|
|
|
| Subordinated notes
|
| Amount: | $79.33 million
|
| Securities: | Subordinated notes
|
|
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