Nuveen Churchill units amend, extend revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, Nov. 27 – Nuveen Churchill Direct Lending Corp. subsidiaries Nuveen Churchill BDC SPV II, LLC and Nuveen Churchill BDC SPV IV, LLC entered into an amendment to their senior secured revolving credit agreement with Sumitomo Mitsui Banking Corp. as administrative agent on Nov. 21 to extend the reinvestment period and the maturity date each by one year to Nov. 24, 2024 and Nov. 24, 2026, respectively, according to an 8-K filing with the Securities and Exchange Commission.

Additionally, the interest rate was increased to term SOFR plus 215 basis points, and the maximum facility amount was reduced to $150 million upon the occurrence of a permitted securitization, subject to a subsequent increase to $250 million, from $300 million.

Also, a provision was added for a commitment fee of 50 bps until the six-month anniversary of the amendment and thereafter of 50 bps if unused commitments are less than 50% of total commitments and 100 bps otherwise.

In connection with the amendment, the borrowers will pay an extension fee of $450,000 plus an annualized fee of 0.3% multiplied by $150 million based on the length of time in years until the occurrence of a permitted securitization.

In addition to serving as administrative agent, Sumitomo is also the bookrunner and a joint lead arranger with Wells Fargo Securities, LLC.

Nuveen Churchill is a New York-based private business development company investing primarily in senior secured loans to private equity-owned U.S. middle market companies.

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