Nuveen Churchill closes $100M note offering, totaling $400M due 2030

Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) has closed an underwritten public offering of $100.0 million in aggregate principal amount of 6.650% unsecured notes due 2030, generating net proceeds of approximately $99.4 million after underwriting discounts and estimated offering expenses.

The notes are a further issuance of the company's existing 6.650% notes due 2030, bringing the total outstanding aggregate principal amount of that series to $400.0 million. The company initially issued $300.0 million of the same notes on January 22, 2025.

The notes will mature on March 15, 2030, and bear interest at 6.650% per year, payable semi-annually on March 15 and September 15. The company may redeem the notes in whole or in part before February 15, 2030, at par plus a make-whole premium and accrued interest.

SMBC Nikko Securities America, Inc. served as the sole book-running manager for the offering. The company stated it intends to use the net proceeds to repay a portion of outstanding indebtedness under its senior secured revolving credit facility with Sumitomo Mitsui Banking Corporation, with plans to re-borrow under that facility for investments and general corporate purposes.

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