Churchill Asset Management Closes $ 750 Million Mid-Market CLO Offer


Churchill Asset Management LLC (“Churchill” or the “Company”), a Nuveen investment specialist that provides customized financing solutions to US mid-market-focused private equity sponsors and their portfolio companies, announced today After the closing of a $ 750 million Middle Market Secured Loan Obligation (“CLO”), Churchill Middle Market CLO III Ltd. (“CLO III”) on November 4, 2021.

“We are delighted to build on Churchill’s leading mid-market CLO business with the successful close of CLO III,” said Kelli Marti, Churchill’s CLO portfolio manager, adding: “The exceptional support from our existing investors and the competitive pricing achieved was a testament to investor confidence in Churchill’s proven investment approach and expertise in managing CLOs. We look forward to continuing to build on this momentum through our CLO platform and our broader private equity activities as we approach 2022. ”

CLO III has a four-year reinvestment period and a guarantee pool made up of a diversified portfolio of senior guaranteed loans, of which nearly 90% have been accumulated at the closing date. The capital structure of CLO III includes seven rating classes rated AAA to BB- by Standard & Poor’s, including a fixed rate tranche. TIAA, the parent company of Nuveen, holds the majority of the Subordinated Notes of the CLO.

Churchill has a proven track record for 15 years as a mid-market CLO manager with the same senior investment team, having successfully gone through multiple credit cycles. The company currently manages $ 1.5 billion in CLO assets and a strong pipeline of additional transactions, with a goal of closing one to two transactions per year.

Natixis Securities Americas LLC was the Administrative Agent and Arranger of the transaction.

About Churchill Asset Management LLC

Churchill, a dedicated investment subsidiary of Nuveen (TIAA’s asset manager), provides tailored financing solutions to mid-market private equity firms and their portfolio companies through the capital structure. With $ 33 billion in committed capital, we offer senior, unit, secondary and mezzanine debt, in addition to equity co-investments and private equity fund commitments. Churchill has a long history of disciplined investing across multiple economic cycles and our unique origination strategy, execution and blue chip investments are led by more than 100 professionals in New York, Charlotte and Chicago. More information can be found at www.churchilam.com.

This document is not intended to be an investment recommendation or advice, does not constitute a solicitation to buy, sell or hold any security or investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of a particular investor, nor does it suggest a specific course of action. Financial professionals should independently assess the risks associated with products or services and exercise independent judgment with respect to their clients.

Churchill Asset Management is a registered investment advisor and an indirect majority-owned subsidiary of the Teachers Insurance and Annuity Association of America. Certain Nuveen products are advised by Nuveen Alternatives Advisors LLC, a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, a member of FINRA and SIPC.

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