Churchill Asset Management Completes $750 Million Middle Market CLO Offering

NEW YORK--(BUSINESS WIRE)--Churchill Asset Management LLC, the U.S. private capital investment-specialist of Nuveen, announced the closing of a $750 million middle market collateralized loan obligation (“CLO”), Churchill Middle Market CLO V LLC (“CLO V”), on February 25, 2025. This transaction represents the first CLO that Churchill priced in 2025 and the fifteenth CLO issued by Churchill.

“We are pleased with the outstanding support from new and existing investors for CLO V. The transaction was oversubscribed across all syndicated classes, demonstrating continued market confidence in our disciplined investment approach and CLO management expertise,” said Kelli Marti, Churchill’s Head of CLO Management. “Pricing was also highly competitive, with CLO V achieving the tightest pricing of any Churchill CLO historically. We look forward to building on this momentum with a robust 2025 pipeline across our CLO platform and broader private capital business.”

The CLO has a four-year reinvestment period and a collateral pool comprised of a diversified portfolio of senior secured loans, over 85% of which have been identified as of the closing date. CLO V’s capital structure includes six classes of notes rated AAA through BB- by Standard & Poor’s, with class A-1 rated by Fitch Ratings.

Natixis Securities Americas LLC served as the Administrative Agent and Arranger for the transaction. Morgan Stanley & Co. LLC served as the Co-Placement agent.

About Churchill Asset Management LLC

Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to U.S. middle market private equity firms and their portfolio companies across the capital structure. With over $52 billion of committed capital, we provide first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments, secondary solutions and private equity fund commitments. Churchill has a long history of disciplined investing across multiple economic cycles and our unique origination strategy and investment approach are driven by nearly 200 professionals in New York, Charlotte, Chicago, Dallas and Los Angeles. Together with our sister company Arcmont Asset Management, we comprise Nuveen Private Capital, a $78 billion private capital platform and one of the largest private debt managers globally. To learn more, visit www.churchillam.com.

Churchill Asset Management LLC, a registered investment advisor, is a majority-owned, indirect subsidiaries of Teachers Insurance and Annuity Association of America and an affiliate of Nuveen, LLC. Certain products are distributed by Nuveen Securities, LLC, Member FINRA and SIPC.

Investments in middle market loans are subject to certain risks. Please consider all risks carefully prior to investing in any particular strategy. These investments are subject to credit risk and potentially limited liquidity, as well as interest rate risk, currency risk, prepayment and extension risk, and inflation risk.

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