Nuveen Churchill Fund Secures $50 Million Credit Facility

The financing deal enables flexible capital deployment and could scale sixfold through an accordion feature.

April 14, 2025

New capital structure expands Nuveen Churchill's financing flexibility

On April 8, 2025, Nuveen Churchill Private Capital Income Fund put a new financing structure in place. The Fund entered into a $50 million senior secured credit facility, providing the capital support it needs to fund investments and manage liquidity with greater flexibility.

The agreement, arranged with Sumitomo Mitsui Banking Corporation, gives the Fund access to a revolving credit and term loan structure, backed by its portfolio holdings. The facility is structured to grow. Through an uncommitted accordion feature, the Fund can increase the borrowing capacity to as much as $300 million —pending lender participation.

Key timelines and repayment mechanics

There’s a clear timeline: the commitment period runs through April 2029, with final maturity in April 2030. During the final year, proceeds from certain asset sales, equity raises, or debt issuances will be used to pay down the facility.

Borrowing terms and currency flexibility

Borrowing is available in U.S. dollars or select other currencies. For dollar-denominated draws, the Fund can choose between Term SOFR or an alternate rate that reflects market benchmarks. Rates are calculated with a margin, and the Fund can switch between interest types based on what works best. There’s also a 0.375% annual fee on undrawn funds, keeping the facility efficient but ready to use.

Access to short-term capital and risk controls

The structure includes a $25 million swingline loan option—giving the Fund quick access to short-term capital when timing matters.

Protective covenants

Terms are governed by typical covenants. These include:

• Limits on additional borrowing


• Restrictions on equity repurchases and shareholder distributions in specific scenarios


• Financial requirements around asset coverage and minimum equity levels

With this facility in place, Nuveen Churchill is positioned to deploy capital with speed and control. The flexibility built into the structure means the Fund can scale up when needed—without losing momentum.