Nuveen Churchill Direct Lending Corp. 8-K

What Happened
Nuveen Churchill Direct Lending Corp. announced it issued an additional $100.0 million aggregate principal amount of its 6.650% Notes due 2030, bringing the total outstanding 2030 Notes to $400.0 million. The Additional 2030 Notes were issued on July 10, 2026 under the company’s existing Indenture (Base Indenture and First Supplemental Indenture dated January 22, 2025) and are fungible with the existing series. The underwriting agreement for the offering (dated July 8, 2026) names SMBC Nikko Securities America, Inc. as underwriter and includes customary representations, indemnities and contribution provisions.

Key Details

• Issue size and rate: $100.0 million additional notes at 6.650% per year; total outstanding 2030 Notes now $400.0 million.
• Dates and payments: Notes mature March 15, 2030; interest payable semi‑annually on March 15 and September 15 (Additional Notes commence interest on Sept 15, 2026).
• Terms and ranking: Additional Notes share the same CUSIP, are fungible with the Existing 2030 Notes, rank pari passu with the company’s other unsecured, unsubordinated debt, and are effectively subordinated to secured creditors and structurally subordinated to subsidiaries’ creditors.
• Use of proceeds and closing: Company intends to use net proceeds to repay part of its revolving credit facility (Sumitomo Mitsui Banking Corporation); the transaction closed July 10, 2026 and was registered under the company’s Form N‑2 registration statement.

Why It Matters
This filing shows the company raised financing through unsecured notes rather than bank loans, increasing long‑term fixed‑rate debt by $100M while reducing short‑term revolver borrowings. For investors, the key points are the added interest expense at 6.65%, the extension of funded debt to 2030, and the notes’ unsecured status (which affects recovery priority relative to secured lenders). The company’s stated plan to repay revolver borrowings (but possibly re‑borrow for investments) means the offering may alter the mix of its debt and short‑term liquidity but does not necessarily reduce overall leverage.