Nuveen Churchill Direct Lending Corp. (NCDL) has released an update.
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Nuveen Churchill Direct Lending Corp. has initiated a term debt securitization to secure financing through its subsidiary, with the transaction facilitated by Wells Fargo Securities. The securitization involves various classes of notes, including $2 billion AAA Class X Notes, with interest rates tied to the three-month Term SOFR plus specific percentages, depending on the class. The deal, expected to close around March 14, 2024, allows the company to reinvest principal collections into new collateral until April 2028, maintaining leverage. The arrangement is managed by the company, which has waived its management fee, and the notes are anticipated to mature in April 2036.
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