New York, May 2, 2018 — Churchill Asset Management LLC (“Churchill”), a leading provider of senior and unitranche debt financing to middle market companies, closed a $300 million leveraged loan fund, Churchill Middle Market CLO IV Ltd. (the “Fund”). The seven-year Fund is comprised of: a $200 million AA DBRS-rated senior revolving credit facility; $55 million of “A”-, “BBB”- and “BB”-rated mezzanine notes; and, $45 million of un-rated Subordinated notes. Natixis Securities Americas LLC (“Natixis”) serves as the Fund’s Administrative Agent and Arranger of the transaction.
“We are delighted with the successful closing of this Fund and of continuing Churchill’s long-standing relationship with Natixis, which a decade ago was the lead arranger for our $1.25 billion award-winning[i] CLO,” said David Heilbrunn, Churchill’s Head of Product Development & Capital Raising.
The closing of the Fund grows Churchill’s total committed capital under management to over $4.4 billion. This follows a record year of capital raising and investment activity for Churchill in 2017 in which it raised significant new capital and committed to 51 new investments tallying $1.9 billion.
“The breadth and depth of our relationships with private equity sponsors, combined with our experienced senior investment team and affiliation with Nuveen, makes us a partner-of-choice to provide senior debt financing for middle-market companies,” said Ken Kencel, President and CEO of Churchill. “As investors increasingly look to private credit for income and diversification, we are well-positioned to continue providing flexible and reliable financing solutions that meet the needs of middle-market private equity sponsors and their portfolio companies.”
Churchill is part of the Nuveen Private Markets platform that oversees more than $60 billion of investments on behalf of TIAA and other institutional investors. The firm is led by a senior investment team that has worked together for over a decade and has deep experience in middle market lending, averaging over 25 years of experience. To date, the Churchill team has collectively invested over $6.5 billion in middle market senior loans across more than 500 transactions.
About Churchill Asset Management
Based in New York, Churchill Asset Management LLC is a leading provider of senior and unitranche debt financing for middle market companies, particularly those backed by top-tier private equity sponsors. The company has broad experience in all aspects of the middle market financing business, including structuring, credit analysis, syndication, and deal monitoring and oversight. More information can be found at www.churchillam.com.
About Nuveen
Nuveen, the asset manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $970 billion in assets under management as of March 31, 2018 and operations in 16 countries. Its affiliates offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, 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 Advisers LLC, a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, Members 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.
[i] Churchill Financial Cayman Limited, a $1.25 billion CLO which Churchill closed in 2007, was awarded Middle Market CLO of the year by CreditFlux in 2015.
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