Nuveen Churchill Direct Lending Corp. announced the successful closing of its public offering of $300.0 million aggregate principal amount of 6.650% unsecured notes due 2030. The offering generated net proceeds of approximately $296.0 million for the company, after deducting underwriting discounts and estimated offering expenses. These notes will bear interest at a rate of 6.650% per year, payable semi-annually on March 15 and September 15, with the first payment due on September 15, 2025.
The company confirmed its intention to use the net proceeds to repay outstanding indebtedness under its secured special purpose vehicle asset credit facility with Wells Fargo Bank, N.A., in full. A portion of the proceeds will also be allocated to repay outstanding indebtedness under its senior secured revolving credit facility with Sumitomo Mitsui Banking Corporation. This strategic use of funds aims to optimize NCDL's capital structure and reduce its overall cost of debt.
The successful completion of this offering provides NCDL with enhanced financial flexibility and liquidity. The unsecured nature of the new debt contributes to a more diversified funding profile, supporting the company's ability to pursue its investment objectives and strategies in the U.S. middle market direct lending space.
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