Nuveen Churchill prices $100M add-on notes due 2030

Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) has priced an underwritten public offering of $100.0 million in aggregate principal amount of additional 6.650% unsecured notes due 2030, according to a press release.

The notes will be issued at 100.123% of aggregate principal amount. The new notes will be fungible with and form a single series with the $300.0 million in 6.650% notes due 2030 that the company initially issued on January 22, 2025, bringing the total outstanding aggregate principal amount of that series to $400.0 million.

The notes 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 at any time prior to February 15, 2030, at par plus a make-whole premium and accrued interest.

The offering is expected to close on July 10, 2026, subject to customary closing conditions. SMBC Nikko Securities America, Inc. is serving as sole book-running manager.

The company 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 to make investments and for general corporate purposes.

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