Nuveen Churchill Direct Lending Corp. Prices Public Offering of $300 Million 6.650% Notes Due 2030
Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) has priced a public offering of $300 million in 6.650% unsecured notes due 2030. The notes will mature on March 15, 2030, with interest payable semi-annually starting September 15, 2025. The offering is expected to close on January 22, 2025.
The notes can be redeemed before February 15, 2030, at par plus a make-whole premium and accrued interest. The company plans to use the proceeds to repay outstanding debt under its secured special purpose vehicle asset credit facility with Wells Fargo Bank and partially repay its senior secured revolving credit facility with Sumitomo Mitsui Banking Additional funds will support general corporate purposes and investment strategies.
Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) ha fissato un'offerta pubblica di 300 milioni di dollari in note non garantite con un tasso del 6.650% in scadenza nel 2030. Le note scadranno il 15 marzo 2030, con interessi pagabili semestralmente a partire dal 15 settembre 2025. Si prevede che l'offerta si chiuda il 22 gennaio 2025.
Le note possono essere riscattate prima del 15 febbraio 2030, al valore nominale più un premio di rimborso e gli interessi maturati. L'azienda prevede di utilizzare il ricavato per ripagare il debito in essere sotto la sua linea di credito garantita per veicoli speciali con Wells Fargo Bank e per ripagare parzialmente la sua linea di credito revolving garantita senior con Sumitomo Mitsui Banking. Ulteriori fondi supporteranno scopi aziendali generali e strategie di investimento.
Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) ha fijado una oferta pública de 300 millones de dólares en notas no garantizadas con un interés del 6.650% a vencer en 2030. Las notas vencerán el 15 de marzo de 2030, con intereses pagaderos semestralmente a partir del 15 de septiembre de 2025. Se espera que la oferta se cierre el 22 de enero de 2025.
Las notas se pueden canjear antes del 15 de febrero de 2030, al valor nominal más una prima por cancelación y los intereses acumulados. La compañía planea utilizar los ingresos para pagar la deuda pendiente bajo su línea de crédito garantizada de vehículo de propósito especial con Wells Fargo Bank y para pagar parcialmente su línea de crédito senior garantizada revolving con Sumitomo Mitsui Banking. Fondos adicionales apoyarán propósitos corporativos generales y estrategias de inversión.
누빈 처칠 직접 대출 공사 (NYSE: NCDL)는 2030년에 만기가 도래하는 3억 달러의 6.650% 무담보 채권 공개 모집을 가격 책정했습니다. 이 채권은 2030년 3월 15일 만기되며, 이자는 2025년 9월 15일부터 반기별로 지급됩니다. 이 모집은 2025년 1월 22일에 마감될 예정입니다.
채권은 2030년 2월 15일 이전에 액면가와 함께 전환 프리미엄 및 누적 이자를 포함하여 상환될 수 있습니다. 회사는 이 수익금을 웰스파고 은행의 보장된 특수 목적 자산 신용 시설에 대한 미지급 부채 상환과 수미토모 미쓰이 은행의 선순위 보장 리볼빙 신용 시설의 일부 상환에 사용할 계획입니다. 추가 자금은 일반 기업 목적과 투자 전략을 지원할 것입니다.
Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) a fixé une offre publique de 300 millions de dollars en obligations non garanties à un taux de 6,650% arrivant à échéance en 2030. Les obligations arriveront à échéance le 15 mars 2030, avec des intérêts payables semestriellement à partir du 15 septembre 2025. La clôture de l'offre est prévue pour le 22 janvier 2025.
Les obligations pourront être rachetées avant le 15 février 2030, à la valeur nominale plus une prime de remboursement et les intérêts courus. L'entreprise prévoit d'utiliser les produits pour rembourser une dette en cours sous son contrat de crédit sécurisé de véhicule à but spécial avec Wells Fargo Bank et pour rembourser partiellement sa ligne de crédit revolving sécurisée senior avec Sumitomo Mitsui Banking. Des fonds supplémentaires soutiendront des fins corporatives générales et des stratégies d'investissement.
Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) hat eine öffentliche Angebotsausgabe von 300 Millionen US-Dollar in ungesicherten Anleihen mit 6,650% Fälligkeit im Jahr 2030 festgelegt. Die Anleihen haben eine Fälligkeit am 15. März 2030, mit halbjährlicher Zinszahlung ab dem 15. September 2025. Der Abschluss der Emission wird für den 22. Januar 2025 erwartet.
Die Anleihen können vor dem 15. Februar 2030 zum Nennwert plus einer Abfindungsprämie und aufgelaufenen Zinsen eingelöst werden. Das Unternehmen plant, die Einnahmen zur Rückzahlung von ausstehenden Schulden im Rahmen seiner gesicherten Sonderzweckvermögen-Kreditfazilität bei der Wells Fargo Bank sowie zur teilweisen Rückzahlung seiner gesicherten revolvierenden Kreditfazilität mit Sumitomo Mitsui Banking zu verwenden. Zusätzliche Mittel werden allgemeine Unternehmenszwecke und Investitionsstrategien unterstützen.
- Secured $300 million in new financing through notes offering
- Strategic debt restructuring from secured to unsecured debt
- Extended debt maturity profile to 2030
- 6.650% interest rate represents significant debt servicing cost
- Increases overall debt burden with no new capital raised
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The debt restructuring strategy is noteworthy - using proceeds to retire secured debt in favor of unsecured notes indicates a shift toward a more flexible capital structure. By repaying the Wells Fargo SPV facility and reducing the Sumitomo Mitsui revolver, NCDL is effectively terming out its debt while potentially reducing its overall cost of capital.
The strong syndicate of underwriters, led by major institutions, suggests robust institutional interest. This successful pricing amid market volatility demonstrates solid market access and confidence in NCDL's credit profile.
This debt issuance strengthens NCDL's financial positioning in the competitive BDC landscape. The
The transition from secured to unsecured debt is particularly strategic for a BDC, as it typically allows for greater operational flexibility and improved asset coverage ratios. The
The maturity date of 2030 provides long-term stability to the capital structure, while the semi-annual interest payments align well with typical BDC portfolio income streams. This offering should support NCDL's growth trajectory while maintaining a conservative leverage profile.
The Notes will mature on March 15, 2030, and may be redeemed in whole or in part at the Company’s option at any time prior to February 15, 2030, at par plus a “make-whole” premium plus accrued interest. The Notes will bear interest at a rate of
The offering is expected to close on January 22, 2025, subject to the satisfaction of customary closing conditions.
BofA Securities, Inc., SMBC Nikko Securities America, Inc., Wells Fargo Securities, LLC, and Morgan Stanley & Co. LLC are serving as the joint book-running managers for this offering. Citizens JMP Securities, LLC, Keefe, Bruyette & Woods, a Stifel Company, MUFG Securities Americas Inc., Truist Securities, Inc., and
Investors are advised to consider carefully the investment objective, risks and charges and expenses of the Company before investing. The preliminary prospectus supplement dated January 14, 2025, and the accompanying prospectus dated December 20, 2024, each of which has been filed with the Securities and Exchange Commission (the “SEC”), contain a description of these matters and other important information about the Company and should be read carefully before investing.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of, the Notes referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. A registration statement (File No. 333-283950) relating to the Notes was filed on December 20, 2024 and became effective immediately upon filing.
This offering is being made solely by means of a written prospectus forming part of the effective registration statement and a related preliminary prospectus supplement, which may be obtained for free by visiting the SEC’s website at www.sec.gov or from of any of the following investment banks by calling: BofA Securities, Inc. at 1-800-294-1322, SMBC Nikko Securities America, Inc. at 1-212-224-5135, Wells Fargo Securities LLC at 1-800-645-3751, and Morgan Stanley & Co. LLC at 1-866-718-1649.
ABOUT NUVEEN CHURCHILL DIRECT LENDING CORP.
NCDL is a specialty finance company focused primarily on investing in senior secured loans to private equity-owned
FORWARD-LOOKING STATEMENTS
Statements included herein contain certain “forward-looking statements” within the meaning of the federal securities laws, including statements with regard to the Notes offering and the anticipated use of the net proceeds of the offering. Forward-looking statements can be identified by the use of forward looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. The forward-looking statements are based on our beliefs, assumptions and expectations of future events and our future performance, taking into account all information currently available to us. These statements are not guarantees of future events, performance, condition or results and involve a number of risks and uncertainties, including the factors set forth in “Risk Factors” and elsewhere in our annual report on Form 10-K, our quarterly reports on Form 10-Q, and our other filings with the SEC. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including, but not limited to: changes in the financial, capital, and lending markets; general economic, political, and industry trends and other external factors; and the dependence of NCDL’s future success on the general economy and its impact on the industries in which it invests.
Any forward-looking statement speaks only as of the date on which it is made. The Company undertakes no duty to update any forward-looking statements made herein, whether as a result of new information, future developments or otherwise, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250114587511/en/
Investor:
Investor Relations
Robert.Paun@churchillam.com
Media:
Prosek Partners
Madison Hanlon
Pro-churchill@prosek.com
Source: Nuveen Churchill Direct Lending Corp.
FAQ
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