Chicago, Dec. 15 – Nuveen Alternatives Advisors LLC refinanced and extended for $750 million the collateralized loan obligation issued by Churchill Middle Market CLO III Ltd., according to a pre-sale report.
The refinanced notes will mature on Oct. 24, 2033.
The CLO now consists of $415 million of class A-1 senior secured floating-rate notes at Libor plus 150 basis points, $20 million of class A-L senior secured floating-rate loans at Libor plus 150 bps, $81.2 million of class B-1 senior secured floating-rate notes at Libor plus 190 bps, $5 million of class B-2 3.13% senior secured fixed-rate notes, $56.3 million of class C senior secured deferrable floating-rate notes at Libor plus 260 bps, $37.5 million of class D senior secured deferrable floating-rate notes at Libor plus 380 bps, $45 million of class E senior secured deferrable floating-rate notes at Libor plus 816 bps and $90 million of subordinated notes.
The loans can be converted into notes at a later time.
Nuveen Alternatives Advisors LLC will manage the collateral through the end of the reinvestment period on Oct. 24, 2025.
Churchill Asset Management LLC is the subadviser.
Collateral comes from middle-market speculative-grade senior secured term loans.
The notes can be called starting Oct. 24, 2023.
Natixis Securities Americas LLC and Wells Fargo Securities LLC was the placement agent.
Based in New York, Churchill is an investment specialist affiliate of Nuveen (the asset manager of TIAA) that provides customized financing solutions to middle market private equity firms and their portfolio companies.
| Issuer: | Churchill Middle Market CLO III LLC
|
| Issue: | Floating-rate notes, floating-rate loans, fixed-rate notes and subordinated notes
|
| Amount: | $750 million
|
| Maturity: | Oct. 24, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC and Wells Fargo Securities LLC
|
| Manager: | Nuveen Alternatives Advisors LLC
|
| Call feature: | Oct. 24, 2023
|
| Settlement date: | Nov. 4
|
|
|
| Class A-1 notes
|
| Amount: | $415 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-L loans
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $81.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.13%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $56.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: A-
|
|
|
| Class D notes
|
| Amount: | $37.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $45 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 816 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $90 million
|
| Securities: | Subordinated notes
|
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