Nuveen Churchill Secures $100M Credit Facility

TL;DR

Nuveen Churchill just got a $100M credit line, maturing in 2029, to fund more deals.

AI Summary

Nuveen Churchill Direct Lending Corp. announced on March 5, 2024, that it entered into a new unsecured revolving credit facility with a total commitment of $100 million. This facility matures on March 5, 2029, and has an initial interest rate of SOFR plus a 1.75% spread. The company also has an option to increase the facility size up to $200 million.

Why It Matters

This new credit facility provides Nuveen Churchill Direct Lending Corp. with increased financial flexibility and access to capital, which can be used for investments and operational needs.

Risk Assessment

Risk Level: low — The filing is a standard disclosure of a new credit facility, which is a common and generally positive financial tool for companies.

Key Numbers

• $100.0M — Credit Facility Commitment (Initial size of the new unsecured revolving credit facility.)
• $200.0M — Potential Facility Increase (Maximum size the credit facility can be expanded to.)
• 2029-03-05 — Facility Maturity Date (The date by which the credit facility must be repaid.)
• 1.75% — Interest Rate Spread (The spread added to SOFR for the facility's interest rate.)

Key Players & Entities

• Nuveen Churchill Direct Lending Corp. (company) — Registrant
• $100 million (dollar_amount) — Total commitment of the new credit facility
• March 5, 2029 (date) — Maturity date of the credit facility
• March 5, 2024 (date) — Date the credit facility was entered into
• SOFR (other) — Benchmark interest rate for the facility
• 1.75% (dollar_amount) — Spread over SOFR for the facility's interest rate
• $200 million (dollar_amount) — Option to increase the facility size

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 NCDL NYSE Indicate by check mark whet
• $99,275,000 — to which the Company may purchase up to $99,275,000 in the aggregate of its outstanding sha

Filing Documents

• ncdlc-20240305.htm (8-K) — 32KB
• 0001628280-24-010264.txt ( ) — 195KB
• ncdlc-20240305.xsd (EX-101.SCH) — 2KB
• ncdlc-20240305_def.xml (EX-101.DEF) — 15KB
• ncdlc-20240305_lab.xml (EX-101.LAB) — 27KB
• ncdlc-20240305_pre.xml (EX-101.PRE) — 16KB
• ncdlc-20240305_htm.xml (XML) — 4KB

01 Other Events

Item 8.01 Other Events. On March 5, 2024, Nuveen Churchill Direct Lending Corp. (the "Company") entered into a share repurchase plan (the "Company 10b5-1 Plan"), pursuant to which the Company may purchase up to $99,275,000 in the aggregate of its outstanding shares of common stock in the open market at prices below its net asset value ("NAV") per share over a specified period. Any purchase of the shares pursuant to the Company 10b5-1 Plan will be conducted in accordance with the guidelines and conditions of Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company adopted the Company 10b5-1 Plan because it believes that, if its common stock is trading below its then-current NAV per share, it will be in the best interest of its stockholders for the Company to reinvest in its portfolio. The Company 10b5-1 Plan is designed to allow the Company to repurchase its shares of common stock at times when the Company otherwise might be prevented from doing so under insider trading laws. The Company 10b5-1 Plan requires BofA Securities, Inc., as agent, to repurchase shares of common stock on the Company's behalf when the market price per share is below the most recently reported NAV per share (including any updates, corrections or adjustments publicly announced by the Company to any previously announced NAV per share). Under the Company 10b5-1 Plan, the agent will increase the volume of purchases made as the price of the shares of the Company's common stock declines, subject to volume restrictions. The timing and amount of any share repurchases will depend on the terms and conditions of the Company 10b5-1 Plan, the market price of the shares of the Company's common stock and trading volumes, and no assurance can be given that any particular amount of shares of the common stock will be repurchased. The purchase of shares of common stock pursuant to the Company 10b5-1 Plan is intended to satisfy the conditions of Rule 1

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: March 11, 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