Nuveen Churchill Private Capital Income Fund Enters Norinchukin Credit Facility

What Happened

• Nuveen Churchill Private Capital Income Fund announced on August 6, 2026 that its wholly owned subsidiary NCPCIF SPV VI, LLC entered into a credit agreement with Norinchukin Bank providing for Class A‑T loans of $247,500,000 and Class B loans of $45,000,000 (aggregate $292,500,000), subject to availability under an overcollateralization test. The Norinchukin Bank Credit Facility has a reinvestment period ending July 25, 2030 and a final maturity date of July 25, 2038. Interest is based on Term SOFR plus a margin of 1.58% for Class A loans and 1.93% for Class B loans.
• In connection with the new facility, the Fund entered into a loan sale and contribution agreement to transfer originated or acquired loans and related assets to the borrower; the borrower’s obligations are secured by substantially all assets held by that borrower. Proceeds were used to terminate the prior Scotiabank Credit Facility II Agreement and will also be used to acquire/originate collateral loans, fund revolving and delayed‑funding loans, pay fees/expenses and make permitted distributions.
• The Fund also entered Amendment No. 3 to its Scotiabank Credit Facility I on August 6, 2026, increasing the revolving commitment from $450,000,000 to $550,000,000, lowering the margin from 2.025% to 1.925%, extending the reinvestment period to August 6, 2028 and extending maturity to August 6, 2035.

Key Details

• New Norinchukin facility: Class A‑T $247,500,000; Class B $45,000,000; reinvestment end 7/25/2030; maturity 7/25/2038.
• Pricing: Term SOFR + 1.58% (Class A) and + 1.93% (Class B). S&P ratings: Class A‑T “AAA(sf)”; Class B “AA(sf)”.
• Scotiabank Facility I Amendment: revolving commitment increased to $550M, margin reduced to 1.925%, reinvestment extended to 8/6/2028, maturity extended to 8/6/2035.
• The prior Scotiabank Credit Facility II Agreement was terminated concurrent with repayment and satisfaction of obligations.

Why It Matters

• The new Norinchukin facility and the Scotiabank amendment affect the Fund’s financing capacity and cost of funds: the Fund secured nearly $292.5M of committed capacity (subject to overcollateralization) and achieved lower margin on its Scotiabank revolver, which can reduce funding costs and support further loan acquisitions during the reinvestment periods.
• The borrower’s obligations are secured by substantially all of its assets and the rated structure (AAA/AA by S&P) may be positive for credit stability of these funding lines. Investors should note these are company financing actions (not earnings or management changes) that change the Fund’s liquidity and leverage profile.