Nuveen Churchill board sees sudden director resignation

In a recent filing with the Securities and Exchange Commission (SEC), Nuveen Churchill Direct Lending Corp. (NYSE:NCDL), a $957 million market cap company currently trading near its 52-week high of $18.10, announced the immediate resignation of Michael Perry from its Board of Directors. The resignation took place on Monday, and no disagreements were cited as the reason behind Perry's departure.

The company, which is based in Maryland and operates from its principal executive offices in New York, NY, has chosen to reduce the number of directors on the Board from seven to six following Perry's resignation. This decision was made by the remaining members of the Board. According to InvestingPro data, NCDL maintains strong shareholder returns with a notable 10.3% dividend yield and trades at a P/E ratio of 10.2x.

Nuveen Churchill Direct Lending Corp., formerly known as Nuveen Churchill BDC INC. and Nuveen Churchill BDC LLC, has undergone previous name changes documented in December 2019 and April 2018, respectively. The company is known for its financial services, including direct lending. InvestingPro analysis reveals the stock generally trades with low volatility, making it potentially attractive for stability-focused investors. Subscribers can access additional insights and 3 more exclusive ProTips about NCDL's performance and outlook.

The SEC filing, made public on Friday, February 14, 2025, provides no further details on the circumstances surrounding Perry's resignation or any future plans to fill the now-vacant Board seat. The company's operations, policies, and practices remain unaffected, as no issues were raised by Perry at the time of his resignation. With the next earnings report due on February 27, investors will be watching closely for any additional corporate governance updates.

Investors and stakeholders are keeping a close watch on the company's governance and any potential implications this change may have. As per standard procedure, the SEC document was signed by Kenneth J. Kencel, Chief Executive Officer and President of Nuveen Churchill Direct Lending Corp.

This news is based on the latest 8-K filing and does not include any additional comments or forward-looking statements from the company or its representatives.

In other recent news, Nuveen Churchill Direct Lending Corp. has made two significant financial decisions. The Maryland-based investment firm recently terminated a major loan and security agreement with Wells Fargo (NYSE:WFC) Bank. This termination, which took place after all outstanding obligations were met, including repayment of principal, interest, and associated fees, is part of the company's broader financial management strategy.

In another development, Nuveen Churchill has issued $300 million of 6.650% notes due March 15, 2030. The proceeds from this note issuance will be used to fully repay outstanding indebtedness on the company's secured asset credit facility with Wells Fargo Bank and partially repay outstanding indebtedness under the company's senior secured revolving credit facility with Sumitomo Mitsui (NYSE:SMFG) Banking Corporation.

These recent events are likely to impact the company's financial structure and future lending capabilities. The details of both corporate actions are available in the company's latest Form 8-K filings with the Securities and Exchange Commission. The company has not disclosed any further plans or strategies following these developments.

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