NCDL.NYSENuveen Churchill Direct Lending CORP

8-K: Nuveen Churchill Direct Lending Corp. Prices $300 Million Notes Offering

Sentiment:

Debt Offering Announcement 15 January 2025 5:17 PM

📋All filings for Nuveen Churchill Direct Lending CORP

Nuveen Churchill Direct Lending Corp. announces the pricing of a $300 million offering of 6.650% Notes due 2030.

Capital raiseNuveen Churchill Direct Lending Corp. is issuing $300 million in aggregate principal amount of 6.650% Notes due 2030.The offering is being made pursuant to the Company's effective shelf registration statement on Form N-2 (File No. 333-283950) previously filed with the Securities and Exchange Commission (the SEC).

Summary

Nuveen Churchill Direct Lending Corp. (NCDL) has entered into an underwriting agreement to issue and sell $300 million in aggregate principal amount of 6.650% Notes due 2030.
The offering is expected to close on January 22, 2025, contingent upon customary closing conditions.
The notes will be sold to underwriters represented by BofA Securities, Inc., SMBC Nikko Securities America, Inc., and Wells Fargo Securities, LLC.
The offering was made under an effective shelf registration statement previously filed with the SEC.
The company has filed a preliminary prospectus supplement and intends to file a final prospectus supplement with the SEC.
The purchase price for the Securities to be paid by the Underwriters shall be 98.808% of the aggregate principal amount thereof, plus accrued interest from January 22, 2025.

Sentiment

Score: 7

Explanation: The document is a standard announcement of a debt offering, which is generally neutral. The investment-grade ratings and the company's ability to access the debt markets are slightly positive.

Positives

The issuance provides Nuveen Churchill Direct Lending Corp. with $300 million in capital.
The offering is made under an already effective shelf registration, streamlining the process.
The notes have investment-grade ratings from Moody's and Fitch, indicating a relatively low credit risk.

Risks

The closing is subject to customary conditions, and there is a risk that these conditions may not be met.
Changes in market conditions could impact the value of the notes.
The company's ability to meet its obligations under the notes depends on its financial performance.

Future Outlook

The company intends to use the net proceeds from the sale of the securities as described in the Registration Statement, the General Disclosure Package and the Prospectus under the heading Use of Proceeds.

Industry Context

This offering is part of Nuveen Churchill Direct Lending Corp.'s ongoing capital management strategy. BDCs often use debt offerings to fund their lending activities.

Comparison to Industry Standards

Comparable BDCs, such as Ares Capital Corporation (ARCC) and Owl Rock Capital Corporation (ORCC), frequently issue debt to manage their capital structure.
The coupon rate of 6.650% is within the typical range for BDC debt offerings with similar maturities and credit ratings at the time of issuance.

Stakeholder Impact

Shareholders: The offering will increase the company's debt, which could impact earnings per share.
Employees: No direct impact is expected.
Customers: The additional capital could allow the company to expand its lending activities.
Creditors: The offering will increase the company's overall debt obligations.
Suppliers: No direct impact is expected.

Next Steps

The company will file a final prospectus supplement with the SEC.
The offering is expected to close on January 22, 2025, subject to customary closing conditions.

Key Dates

Date	Description
December 31, 2019	Date of the Investment Advisory Agreement and the Administration Agreement.
December 31, 2019	Form N-54A Notification of Election to be Subject to Sections 55 through 65 of the Investment Company Act of 1940 Filed with the Commission
March 8, 2022	Date of the Third Amended and Restated Sub-Advisory Agreement.
January 29, 2024	Date of the amendment and restatement of the Investment Advisory Agreement.
December 19, 2024	Date of the Base Prospectus and effective date of the shelf registration statement on Form N-2 (File No. 333-283950).
January 2, 2025	On or about date of the blanket letter of representations (the DTC Agreement) between the Company and DTC.
January 8, 2025	Date of the Road show presentation.
January 14, 2025	Date of the Underwriting Agreement and the preliminary prospectus supplement.
January 14, 2025	Trade Date.
January 15, 2025	Date of report signature.
January 22, 2025	Expected closing date of the offering and Settlement Date.
January 22, 2025	Date of the Base Indenture and the First Supplemental Indenture.
September 15, 2025	First interest payment date.
February 15, 2030	Par Call Date (one month prior to the maturity date of the Notes).
March 15, 2030	Maturity date of the notes.

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