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Churchill Asset Management Completes $350MM Middle Market CLO Offering

December 16, 2019, 08:45 AM
Filed Under: Industry News

Churchill Asset Management LLC, a majority-owned affiliate of Nuveen focused on originating, underwriting and managing middle-market senior loan investments, closed a $350 million middle-market collateralized loan obligation, Churchill Middle Market CLO IV Ltd.

“The successful closing of this Fund, amidst challenging conditions, reflects Churchill’s experience and long-standing presence in the CLO market,” said David Heilbrunn, Churchill’s Head of Product Development & Capital Raising. “We once again achieved competitive pricing – a testament to investor familiarity with Churchill’s underwriting and CLO management expertise.”

The Fund has a four-year reinvestment period and a collateral pool comprised of a diversified portfolio of senior secured loans, 90% of which have been purchased as of the closing date. The Fund’s capital structure includes nine classes of notes rated AAA through BB- by Standard & Poor’s, including two fixed-rate tranches and a BB class split into BB+ and BB- components.

The closing of Churchill Middle Market CLO IV Ltd. grows Churchill’s total committed capital under management to nearly $6.9 billion. Churchill is led by a senior investment team that has worked together for over thirteen years. To date, the Churchill team has invested over $12 billion in middle market senior loans across more than 600 transactions, acting as agent for over $23 billion of senior credit facilities.

“We are especially pleased with a continued strong financial commitment by TIAA, Nuveen’s parent, to the Fund, which aligns the bulk of the CLO’s equity capital with the long-term interests of our investors,” added Heilbrunn.

Natixis Securities Americas LLC served as the Fund’s Administrative Agent and Arranger of the transaction.

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