Nuveen Churchill Direct Lending Corp. (NCDL) has released an update to notify the public and investors about an entry into a material definitive agreement.
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Nuveen Churchill Direct Lending Corp. shareholders have approved an Amended Advisory Agreement with Churchill DLC Advisor LLC, effective January 29, 2024, following the company’s IPO. The revised agreement lowers the base management fee initially, waives certain incentive fees for the first five quarters post-IPO, and introduces changes to the calculation of these fees. Additionally, a new NAM Sub-Advisory Agreement with Nuveen Asset Management was approved, allowing them to manage the company’s liquid investments, with fees incurred by Churchill and not affecting shareholder advisory fees. Concurrently, the Board approved an Amended DRIP, changing the dividend reinvestment plan to an “opt-out” system effective with the IPO, with provisions for how shares are priced and issued for reinvestment.
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For a comprehensive understanding of the announcement, you can read the full document here.
