Apollo Debt Solutions BDC Announces Amended Credit Facility, Debt Securitization

Apollo Debt Solutions BDC – a non-traded perpetual-life business development company sponsored by affiliates of Apollo Global Management – amended and restated its senior secured, multi-currency, revolving credit facility, and announced a new term debt securitization.

The company entered into an agreement with lenders, including JPMorgan Chase Bank N.A., for an updated revolving credit facility. The new terms provide for a final maturity date extended from Oct. 17, 2029, to Aug. 12, 2030, and an increase in the total facility amount from $2.74 billion to $3.453 billion. The “accordion provision,” which allows for future expansion of the facility, was also increased from $4.11 billion to $5.18 billion.

The commitment fee has been lowered from 0.375% to 0.325%. The applicable margin on loans has also been reduced, with the specific rate tied to the company’s gross borrowing base in relation to its combined debt amount. For example, the rate for a standard loan is now 1.525% if the gross borrowing base is 2.0 times or more than the combined debt amount.

According to the BDC, borrowings under the facility continue to be subject to a borrowing base calculation and comply with leverage restrictions under the Investment Company Act of 1940.

In a separate transaction, the company completed a $502.1 million term debt securitization, also known as a collateralized loan obligation, or CLO. This secured financing transaction was backed by a diversified portfolio of the company’s first-priority commercial loans.

The securitization involved the issuance of several classes of notes, which are scheduled to mature in July 2037:

• $300 millionof AAA(sf) Class A-1 senior secured floating rate notes, bearing interest at the three-month SOFR plus 1.3%;
• $30 millionof AA(sf) Class A-2 senior secured floating rate notes, bearing interest at the three-month SOFR plus 1.7%;
• $65 millionof A(sf) Class B senior secured deferrable floating rate notes, bearing interest at the three-month SOFR plus 1.8%;
• $35 millionof BBB-(sf) Class C senior secured deferrable floating rate notes, bearing interest at the three-month SOFR plus 2.75%; and
• $72.1 millionof subordinated notes, which do not bear interest.

The proceeds from this securitization will be used to purchase additional loans from the company, helping to rotate and expand its portfolio.

Last month, the BDC reported a 9.74% annualized distribution rate for its Class I shares in June 2025, alongside total net returns of 2.28% for three months and 8.83% for one year as of June 30, 2025. The fund’s aggregate NAV was $13.1 billion.

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