New York-based mid market lender plans BDC

New York-based mid market loan specialist Churchill Financial has become the second firm this week to unveil plans for a new business development company. The vehicle, known simply as Churchill Financial BDC, will be listed on Nasdaq and will invest in senior loans from mid-market borrowers.

A prospectus for the new company was filed yesterday with the SEC, following that of BlueCrest’s planned BDC the day before. It takes to six the number of planned BDCs that have published a prospectus this year – see table. There is no word yet on the likely size or timing of Churchill Financial BDC’s public offering.

Churchill Financial currently manages a CLO and two private vehicles. Last month it completed the sale to Resource America/Apidos of the Churchill Pacific CLO business, which consists of broadly syndicated loans. That transaction leaves Churchill Financial, which is owned by private equity firm Olympus Partners, as a mid-market specialist.

BDCs in the pipeline

Source: SEC filings