Nuveen Churchill Direct Lending Corp. announced the pricing of an underwritten public offering of $300 million in aggregate principal amount of 6.650% unsecured notes due 2030. The notes will mature on March 15, 2030, and will bear interest at a rate of 6.650% per year, payable semi-annually beginning September 15, 2025. The offering is expected to close on January 22, 2025, subject to customary closing conditions.
The company intends to use the net proceeds from this offering to strategically manage its debt obligations. Specifically, NCDL plans to repay in full the outstanding indebtedness under its secured special purpose vehicle asset credit facility with Wells Fargo Bank, N.A. A portion of the proceeds will also be used to repay outstanding indebtedness under its senior secured revolving credit facility with Sumitomo Mitsui Banking Corporation.
The remaining proceeds are designated for general corporate purposes, which may include investing in accordance with NCDL's investment objective and strategies. This financing move is expected to enhance the company's funding flexibility and optimize its capital structure by shifting towards unsecured debt, supporting its long-term financial stability.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.