Churchill Asset Management Completes $750 Million Middle Market CLO Offering

NEW YORK--(BUSINESS WIRE)--Churchill Asset Management LLC (“Churchill” or the “Firm”), an investment specialist of Nuveen that provides customized financing solutions to U.S. middle market-focused private equity sponsors and their portfolio companies, today announced the closing of a $750 million middle market collateralized loan obligation (“CLO”), Churchill Middle Market CLO III Ltd. (“CLO III”) on November 4, 2021.

“We are pleased to build upon Churchill’s market leading middle market CLO business with the successful closing of CLO III,” said Kelli Marti, Churchill’s CLO Portfolio Manager, adding, “Both the outstanding support from our existing investors and the competitive pricing achieved were a testament to investor confidence in Churchill’s time-tested investment approach and CLO management expertise. We look forward to continuing to build on this momentum across our CLO platform and broader private capital business as we head into 2022.”

CLO III has a four-year reinvestment period and a collateral pool comprised of a diversified portfolio of senior secured loans, nearly 90% of which have been accumulated as of the closing date. CLO III’s capital structure includes seven classes of notes rated AAA through BB- by Standard & Poor’s, including one fixed-rate tranche. TIAA, Nuveen’s parent, holds the majority of the CLO’s Subordinated Notes.

Churchill has a proven 15-year track record as a middle market CLO manager with the same senior investment team, having successfully navigated multiple credit cycles. The Firm currently has $1.5 billion of CLO assets under management and a robust pipeline of additional transactions, with a target of closing one to two deals per year.

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

About Churchill Asset Management LLC

Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to middle market private equity firms and their portfolio companies across the capital structure. With $33 billion of committed capital, we provide first lien, unitranche, second lien 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, best in class execution and investment are driven by more than 100 professionals in New York, Charlotte and Chicago. More information can be found at www.churchillam.com.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Financial professionals should independently evaluate 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 majority-owned, indirect subsidiary of 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, Member FINRA and SIPC.

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