Apollo Debt Solutions’ Merlin unit ups revolver to $187.5 million

By William Gullotti

Buffalo, N.Y., Feb. 7 – Merlin Funding LLC, a newly formed wholly owned subsidiary of Apollo Debt Solutions BDC, amended and upsized its credit agreement with Morgan Stanley Senior Funding, Inc. as administrative agent on Feb. 1, according to an 8-K filing with the Securities and Exchange Commission.

No other amendments were reported to the facility, which is still expected to mature three years after its initial Oct. 6 signing date.

As previously reported at signing, 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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