Nuveen Churchill closes $100m 6.650% notes due 2030
Nuveen Churchill Direct Lending Corp. has successfully closed its public offering of $100.0 million in 6.650% notes due 2030, securing net proceeds of roughly $99.4 million. This additional issuance brings the total outstanding principal for this series to $400.0 million, with proceeds earmarked for repaying debt under its revolving credit facility to support future investments.
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Nuveen Churchill Direct Lending Corp. has closed an underwritten public offering of an additional $100.0 million in aggregate principal amount of its 6.650% unsecured notes due 2030. The issuance generated net proceeds of approximately $99.4 million for the company after deducting the underwriting discount and estimated offering expenses. This closing increases the outstanding aggregate principal amount of the company's 6.650% notes due 2030 to $400.0 million.
The notes constitute a further issuance of, and have the same terms as, the $300.0 million in aggregate principal amount of the 6.650% notes due 2030 initially issued on January 22, 2025. The notes rank equally in right of payment with the existing notes and are fungible, forming a single series. SMBC Nikko Securities America, Inc. served as the sole book-running manager for this offering.
The notes will mature on March 15, 2030, and bear interest at a rate of 6.650% per year, payable semi-annually on March 15 and September 15 of each year. The company may redeem the notes in whole or in part at its option at any time prior to February 15, 2030, at par plus a "make-whole" premium plus accrued interest. Purchasers are required to pay accrued and unpaid interest from March 15, 2026, up to, but not including, the date of delivery.
The company intends to use the net proceeds from this offering to repay a portion of the outstanding indebtedness under its senior secured revolving credit facility with Sumitomo Mitsui Banking Corporation. Through re-borrowings under the Revolving Credit Facility, the company intends to make investments in accordance with its investment objective and strategies, and for other general corporate purposes.
A shelf registration statement (File No. 333-283950) relating to the notes was filed and has been declared effective by the Securities and Exchange Commission (the "SEC"). The pricing term sheet dated July 8, 2026, preliminary prospectus supplement dated July 8, 2026, and the accompanying prospectus dated June 17, 2026, have been filed with the SEC.
| Details | Terms |
|---|---|
| Issuer | Nuveen Churchill Direct Lending Corp. |
| Principal Amount | $100.0 million |
| Net Proceeds | ~$99.4 million |
| Coupon Rate | 6.650% per year |
| Maturity Date | March 15, 2030 |
| Total Outstanding Post-Issuance | $400.0 million |
| Sole Book-Running Manager | SMBC Nikko Securities America, Inc. |
How will the shift from secured revolving debt to unsecured notes impact the company's overall cost of capital and leverage ratios?
What specific investment opportunities or strategies is the company targeting that require the immediate re-borrowing of funds from the credit facility?
Does the successful pricing of this additional issuance suggest market appetite for further capital raises by Nuveen Churchill Direct Lending Corp. in the near term?
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