Nuveen Churchill’s PCAP Adds $292.5 Million Norinchukin Facility

Nuveen Churchill Private Capital Income Fund entered a new $292.5 million securitized credit facility with Norinchukin Bank and repriced an existing revolving facility with the Bank of Nova Scotia, the fund said Aug. 12.

The fund, known as PCAP, is a nontraded business development company externally managed by an affiliate of Nuveen, the investment arm of the Teachers Insurance and Annuity Association of America.

The new facility, entered Aug. 6 through PCAP subsidiary NCPCIF SPV VI, LLC, consists of $247.5 million in Class A-T loans rated AAA(sf) by S&P Global Ratings and $45 million in Class B loans rated AA(sf). Pricing is set at the term secured overnight financing rate, or SOFR, plus 1.58% for the Class A-T tranche and SOFR plus 1.93% for the Class B tranche. The facility has a reinvestment period running through July 25, 2030, and a final maturity date of July 25, 2038. Bank of Nova Scotia serves as syndication agent, with U.S. Bank Trust Company as loan agent, collateral agent, and collateral administrator.

PCAP used proceeds from the new facility to retire a separate Bank of Nova Scotia credit agreement, which was terminated in full at closing.

Separately, PCAP amended its other Scotiabank facility, increasing the total revolving commitment from $450 million to $550 million and reducing the applicable margin from 2.025% to 1.925% per year over SOFR. The amendment also extended the facility’s reinvestment period by roughly 15 months, to Aug. 6, 2028, and pushed the final maturity date out by 15 months, to Aug. 6, 2035.

The financing follows two acquisitions of affiliated funds in the past two years. The fund completed its acquisition of substantially all the assets of Nuveen Churchill BDC V on May 1, funding the roughly $347 million purchase largely through borrowings under its Bank of America and Bank of Nova Scotia facilities and assuming $511 million in BDC V debt. PCAP had previously absorbed a second sister fund, Nuveen Churchill Private Credit Fund, in December 2024.

Visit the AltsWire directory page.