By Marisa Wong and Cristal Cody
Los Angeles, March 19 – Apollo Debt Solutions BDC priced an offering of $650 million of 6.9% notes due April 13, 2029 (Baa3/BBB-) in a private placement on Monday, according to an 8-K filing with the Securities and Exchange Commission and details from a market source.
The notes priced with a spread over Treasuries of 270 basis points, according to a market source. Initial price talk was in the Treasuries plus 295 bps area.
BofA Securities, Inc., BNP Paribas Securities Corp. and SMBC Nikko Securities America Inc. are the bookrunners.
The notes may be redeemed in whole or in part at any time at par plus a make-whole premium, according to the 8-K filing.
The Rule 144A and Regulation S offering is expected to close on Thursday.
The fund expects to use the proceeds of the offering for general corporate purposes or to repay debt incurred under the fund’s revolving credit facility.
Based in New York, Apollo Debt Solutions BDC is a regulated, non-listed business development corporation that gives individual investors access to investments targeted by the largest institutions.
| Issuer: | Apollo Debt Solutions BDC
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| Amount: | $650 million
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| Issue: | Notes
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| Maturity: | April 13, 2029
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| Bookrunners: | BofA Securities, Inc., BNP Paribas Securities Corp. and SMBC Nikko Securities America Inc.
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| Coupon: | 6.9%
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| Spread: | Treasuries of 270 bps
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| Call option: | In whole or in part at any time at par plus a make-whole premium
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| Pricing date: | March 18
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| Settlement date: | March 21
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| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Distribution: | Rule 144A and Regulation S
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| Initial price talk: | Treasuries plus 295 bps area
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