Apollo Debt Solutions’ Merlin unit obtains $80 million revolver

By Wendy Van Sickle

Columbus, Ohio, Oct. 12 – Merlin Funding LLC, a newly formed wholly owned subsidiary of Apollo Debt Solutions BDC, entered on Oct. 6 into a credit agreement with Morgan Stanley Senior Funding, Inc. as administrative agent that provides for an initial maximum principal amount of $80 million on a revolving basis for two years, according to an 8-K filing with the Securities and Exchange Commission.

The maturity date is three years after closing.

The maximum amount can be increased up to $450 million following pricing of Merlin’s debt securitization.

Borrowings will bear interest at term SOFR plus a spread that will start at 160 basis points, stepping up to 220 bps on Oct. 6, 2025 and to 240 bps on April 6, 2026.

Proceeds may be used to settle purchased warehouse assets or deposit into a reserve account.

Based in New York, Apollo Debt Solutions BDC is a regulated, non-listed business development corporation that provides individual investors access to investments targeted by the largest institutions.

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