Chicago, Dec. 4 – Nuveen Churchill Direct Lending Corp. sold $298.06 million of notes and loans in a collateralized loan obligation being issued by Churchill NCDLC CLO-II LLC, according to a presale report.
The notes will mature on Jan. 20, 2036.
The CLO consists of $2 million of class X floating-rate notes at SOFR plus 200 basis points, $100.5 million of class A-1 floating-rate notes at SOFR plus 235 bps, $25 million of class A-L-A floating-rate loans at SOFR plus 235 bps, $50 million of class A-L-B floating-rate loans at SOFR plus 235 bps, $37.5 million of class B floating-rate notes at SOFR plus 320 bps and $83.06 million of subordinated notes.
Nuveen Churchill Direct Lending Corp. will manage the collateral through the end of the reinvestment period on Jan. 20, 2028.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting Jan. 20, 2026.
SMBC Nikko Securities America Inc. and Capital One Securities Inc. are the placement agents.
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-II LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $298.06 million
|
| Maturity: | Jan. 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agents: | SMBC Nikko Securities America Inc. and Capital One Securities Inc.
|
| Manager: | Nuveen Churchill Direct Lending Corp.
|
| Call feature: | Jan. 20, 2026
|
| Pricing date: | Nov. 28
|
| Settlement date: | Dec. 7
|
|
|
| Class X notes
|
| Amount: | $2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $100.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-L-A loans
|
| Amount: | $25 million
|
| Securities: | Floating-rate loans
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-L-B loans
|
| Amount: | $50 million
|
| Securities: | Floating-rate loans
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $37.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 320 bps
|
| Rating: | S&P: AA
|
|
|
| Subordinated notes
|
| Amount: | $83.06 million
|
| Securities: | Subordinated notes
|
|
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