Chicago, Jan. 22 – Churchill Asset Management LLC priced $397.53 million of notes in a collateralized loan obligation being issued by Churchill MMSLF CLO-III LP/Churchill MMSLF CLO-III LLC, according to a presale report.
The notes will mature on Jan. 20, 2036.
The CLO consists of $3 million of class X senior secured floating-rate notes at SOFR plus 180 basis points, $234 million of class A senior secured floating-rate notes at SOFR plus 235 bps, $50 million of class B senior secured floating-rate notes at SOFR plus 320 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 420 bps, $20 million of class D senior secured deferrable floating-rate notes at SOFR plus 635 bps, $24 million of class E senior secured deferrable floating-rate notes at SOFR plus 855.5 bps and $42.53 million of subordinated notes.
Churchill Asset Management LLC 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 .
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 MMSLF CLO-III L.P./Churchill MMSLF CLO-III LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $397.53 million
|
| Maturity: | Jan. 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Churchill Asset Management LLC
|
| Pricing date: | Jan. 17
|
| Settlement date: | Jan. 24
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $234 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 320 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 420 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 635 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 855.5 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $42.53 million
|
| Securities: | Subordinated notes
|
|
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