Churchill Asset Management (Churchill), a provider of senior and unitranche debt financing to middle market companies, has closed a USD300 million leveraged loan fund, Churchill Middle Market CLO IV Ltd.
The seven-year Fund is comprised of: a USD200 million AA DBRS-rated senior revolving credit facility; USD55 million of “A”-, “BBB”- and “BB”-rated mezzanine notes; and, USD45 million of un-rated Subordinated notes. Natixis Securities Americas (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 USD1.25 billion award-winning CLO,” says 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 USD4.4 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 USD1.9 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,” says 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.”
