Nuveen Churchill Enters Material Agreement & New Obligation

TL;DR

**Nuveen Churchill just signed a material agreement and took on a new financial obligation, details TBD.**

AI Summary

Nuveen Churchill Direct Lending Corp. filed an 8-K on February 15, 2024, reporting events that occurred on February 9, 2024. The filing disclosed the company's entry into a material definitive agreement and the creation of a direct financial obligation. Specific dollar amounts related to these events were not detailed in the provided text.

Why It Matters

This filing indicates Nuveen Churchill Direct Lending Corp. has undertaken new significant commitments, which could impact its financial structure and future operations. These actions may affect its investment capacity or debt profile.

Risk Assessment

Risk Level: medium — While common for a BDC, new material agreements and financial obligations inherently carry some risk, the specifics of which are not disclosed in this snippet.

Key Numbers

• N/A — Dollar Amounts (No specific dollar amounts for the agreement or obligation were provided in the filing snippet.)

Key Players & Entities

• Nuveen Churchill Direct Lending Corp. (company) — registrant
• February 9, 2024 (date) — earliest event reported
• February 15, 2024 (date) — filing date
• Nuveen Churchill BDC INC. (company) — former name (changed 20191230)
• Nuveen Churchill BDC LLC (company) — former name (changed 20180418)
• Maryland (location) — state of incorporation

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 NCDL NYSE Indicate by check mark whet
• $2,000,000 — as trustee. The 2024 Notes consist of $2,000,000 of AAA Class X Notes, which bear intere
• $175,500,000 — t the three-month Term SOFR plus 1.40%; $175,500,000 of AAA Class A Notes, which bear intere
• $37,500,000 — t the three-month Term SOFR plus 2.00%; $37,500,000 of AA Class B Notes, which bear interes
• $81,970,000 — e three-month Term SOFR plus 2.65%; and $81,970,000 of Subordinated Notes, which do not bea

Filing Documents

• ncdlc-20240209.htm (8-K) — 38KB
• ncdl-ex101purchaseandplace.htm (EX-10.1) — 178KB
• 0001628280-24-005053.txt ( ) — 416KB
• ncdlc-20240209.xsd (EX-101.SCH) — 2KB
• ncdlc-20240209_def.xml (EX-101.DEF) — 15KB
• ncdlc-20240209_lab.xml (EX-101.LAB) — 30KB
• ncdlc-20240209_pre.xml (EX-101.PRE) — 16KB
• ncdlc-20240209_htm.xml (XML) — 4KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On February 9, 2024, Nuveen Churchill Direct Lending Corp. (the "Company") priced a term debt securitization (the "2024 Debt Securitization"). Term debt securitization is also known as a collateralized loan obligation and is a form of secured financing incurred by Churchill NCDLC CLO-III, LLC (the "2024 Issuer"), a direct, wholly-owned, consolidated subsidiary of the Company. In connection with pricing of the 2024 Debt Securitization, on February 9, 2024, the Company and the 2024 Issuer entered into a Purchase and Placement Agreement (the "Purchase and Placement Agreement") with Wells Fargo Securities, LLC, as initial purchaser (in such capacity, the "Initial Purchaser"), pursuant to which the 2024 Issuer agreed to sell certain of the notes (the "2024 Notes") to be issued pursuant to an indenture to the Initial Purchaser as part of the 2024 Debt Securitization. The Company expects that the 2024 Issuer will, on or around March 14, 2024 (the "Closing Date"), enter into such indenture with U.S. Bank Trust Company, National Association, as trustee. The 2024 Notes consist of $2,000,000 of AAA Class X Notes, which bear interest at the three-month Term SOFR plus 1.40%; $175,500,000 of AAA Class A Notes, which bear interest at the three-month Term SOFR plus 2.00%; $37,500,000 of AA Class B Notes, which bear interest at the three-month Term SOFR plus 2.65%; and $81,970,000 of Subordinated Notes, which do not bear interest. The Company will directly retain all of the Subordinated Notes. The 2024 Debt is backed by a diversified portfolio of senior secured and second lien loans. Through April 20, 2028, all principal collections received on the underlying collateral may be used by the 2024 Issuer to purchase new collateral under the direction of the Company, in its capacity as collateral manager of the 2024 Issuer and in accordance with the Company's investment strategy, allowing the Company to maintain the initial lev

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits (d) Exhibits. Exhibit No. Description 10.1 Purchase and Placement Agreement, dated February 9, 2024, by and among Churchill NCDLC CLO-III LLC, as issuer, and Wells Fargo Securities, LLC, as initial purchaser 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NUVEEN CHURCHILL DIRECT LENDING CORP. Date: February 15, 2024 By: /s/ Kenneth J. Kencel Name: Kenneth J. Kencel Title: Chief Executive Officer and President

View Full Filing

View this 8-K filing on SEC EDGAR