Nuveen Churchill Direct Lending Corp. Announces Successful Closing of $300.0 Million Notes Offering
NEW YORK–(Business Wire)–
Nuveen Churchill Direct Lending Corp. (the “Company,” “we,” “us,” or “our”), a leading provider of direct lending solutions, announced today the successful closing of a public offering of $300.0 million aggregate principal amount of 6.650% unsecured notes due 2030 (the “Notes”). The offering resulted in net proceeds to the Company of approximately $296.0 million, after deducting the underwriting discount and the estimated offering expenses payable by the Company.
The Notes bear interest at a rate of 6.650% per year, payable semi-annually in arrears. The Notes will be issued under the Company’s $1.5 billion unsecured debt issuance program and will be guaranteed on a senior unsecured basis by the Company’s parent, TIAA-CREF Management LLC. The Notes were offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to certain non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act. The Notes were offered and sold at a price to the public of 100.150% of the aggregate principal amount.
Impact on Individual Investors
For individual investors, the successful closing of Nuveen Churchill Direct Lending Corp.’s notes offering indicates the continued strong demand for direct lending investments. The 6.650% interest rate offered on the Notes is relatively high compared to some other fixed-income securities currently available, reflecting the perceived value of the direct lending asset class and the creditworthiness of Nuveen Churchill Direct Lending Corp. This offering may be of particular interest to income-focused investors seeking to add stability and regular income to their portfolios.
Impact on the Global Economy
On a larger scale, the successful closing of Nuveen Churchill Direct Lending Corp.’s notes offering is indicative of the ongoing trend towards increased demand for direct lending solutions. This demand is driven by a number of factors, including the search for yield in a low-interest-rate environment, the growing recognition of the benefits of direct lending as an alternative to traditional bank loans, and the increasing popularity of private credit as an asset class. As more investors look to direct lending as a way to generate income and diversify their portfolios, the global economy may see continued growth in this sector.
Conclusion
Nuveen Churchill Direct Lending Corp.’s successful closing of a $300.0 million notes offering is a significant development for the direct lending market. For individual investors, this offering highlights the continued appeal of direct lending investments as a source of stable income. For the global economy, it underscores the growing demand for alternative lending solutions and the potential for continued growth in the direct lending sector.
- Nuveen Churchill Direct Lending Corp. closes $300.0 million notes offering.
- Net proceeds to the Company: $296.0 million.
- Notes bear 6.650% interest rate, payable semi-annually.
- Impact on individual investors: increased demand for direct lending investments.
- Impact on the global economy: continued growth in the direct lending sector.
