Churchill Asset Management in the News

PE Hub – Churchill Racks up Over $1.1 bln for Debut Mid-market Senior Loan Fund

NEW YORK, November 29, 2017 – Churchill Asset Management has raised over $1.1 billion for its inaugural middle market senior loan fund. The fund’s limited partners include pension plans, insurance companies, foundations, single and multi-family offices and high net worth investors based in North America, Europe, South America and Asia….

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Creditflux – Mid-market CLO Roundup: New Deals Add to Bumper Year

NEW YORK, November, 2017 – Churchill Asset Management joins the expanding list of the managers in the CLO market this year by pricing its first new issue middle-market CLO TIAA Churchill Middle Market CLO II. Arranged by Wells Fargo, the deal receives a warm welcome as it achieves the second tightest triple A spread of 150 basis points and a low funding cost of 2.17%. Wells Fargo remains the dominant arranger in the market as it continues to bring more deals to the field and raise its volumes to $7.56 billion – roughly 43% of the market.

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FundFire – Direct Lending Managers Face Rough Road Ahead

NEW YORK, October 25, 2017 – Indeed, loan covenants for borrowers have become a point of distinction in the market, with some established direct lending firms sticking to stricter terms, but other newer entrants – or managers seeking to grow faster – offering lighter provisions, says Randy Schwimmer, senior managing director at Churchill.

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S&P Global Market Intelligence – LCD Middle Market Review

NEW YORK, October, 2017 – Ken Kencel, CEO of Churchill says, “We see credit facilities as small as $250 million in size that are being done cov-lite. Three years ago that would not have been the case. As a result, the upper middle market has become more syndicated, more distributed, and more underwritten to sell. Lenders in this space have shifted from the ‘storage business’ into the ‘moving business’ —often at the expense of covenants and other structural protections, with lower pricing and higher leverage. This is something that has happened increasingly in the last several months.”

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Private Debt Investor – Covenants: Lofty Leverage Levels and Aggressive Addbacks

NEW YORK, October, 2017 – EBITDA adjustments have expanded beyond conventional add-backs like the cost of headcount reductions. For example, one of the more aggressive add-back that firms now request includes taking into account the projected revenue generated from a new product or customer over the next 12 months, says Randy Schwimmer, senior managing director and head of origination and capital markets at Churchill Asset Management.

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Pensions & Investments – In Search for Growth, Private Equity Firms go Shopping

NEW YORK, June 12, 2017 – Higher prices paid to buy the original portfolio company are making it tough for private equity managers to achieve the returns they need to earn their share of profits when they exit the investment, said Randy Schwimmer, a New York-based senior managing director and head of origination and capital markets at private equity firm Churchill Asset Management LLC.

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Financial Times – Private Equity Industry has Upper Hand in Wave of Loan Repricings

NEW YORK, May 9, 2017 – Investors’ loans appetite and lack of supply allows companies to drive harder bargains.

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Fitch Ratings – Review of the Loan Middle Market – Performance in 2016 and Expectations for 2017

CHICAGO, May 2, 2017 – Randy Schwimmer, Head of Origination and Capital Markets, Churchill Asset Management, discusses the state of the middle market loan environment, including changes in loan distribution dynamics and deal structure trends.

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Investment Magazine – Stick to Your Roadmap in a ‘Long and Low’ Trip

GOLD COAST, AUSTRALIA, March 23, 2017 – Long-term investors will need a tight hold on costs and conviction to follow a well-defined investment strategy that delivers returns from challenging markets in the years ahead.

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BGL – Annual Debt Market Update: More Opportunistic Environment for M&A

NEW YORK, January 24, 2017 – 2017 could be a pivotal year if pro-business policy changes under the Trump administration are enacted, with themes of fiscal stimulus, lower taxes, and less regulation representing potential tailwinds for the middle market. Lender sentiment is positive on the heels of a robust year in middle market loan fund raising, with economic growth, strong public equity valuations, and a healthy debt market expected to provide a backdrop for a more opportunistic M&A environment. In Brown Gibbons Lang & Company’s (BGL) annual roundtable survey, middle market lenders share insight on developing trends in the financing markets and their outlook for 2017.

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