---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-255097"
form_type: "8-K"
ticker: null
cik: "0001837532"
company_name: "Apollo Debt Solutions BDC"
filed_at: "2023-10-12T23:59:59+00:00"
generated_at: "2026-06-10T00:58:11.013454+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.35
calibrated_materiality_score: 0.35
confidence: "high"
source: SEC EDGAR
---

# Apollo Debt Solutions BDC establishes $80M warehouse facility for CLO ramp-up, expandable to $450M

## Summary
- Merlin Funding LLC, wholly-owned subsidiary of Apollo Debt Solutions BDC, entered into $80M credit agreement (expandable to $450M) with Morgan Stanley and Deutsche Bank.
- Facility bears interest at Term SOFR + 1.60% (step-up to 2.40% after 2.5 years).
- Proceeds used to acquire first-lien broadly syndicated corporate loans to collateralize a future CLO.
- Apollo Debt Solutions BDC serves as warehouse collateral manager without fee.
- Maturity three years after closing; committed period ends after two years.

## SEC filing metadata
- accession: 0001193125-23-255097
- form_type: 8-K
- cik: 0001837532
- company_name: Apollo Debt Solutions BDC
- filed_at: 2023-10-12T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.35
- calibrated_materiality_score: 0.35
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1837532/000119312523255097/0001193125-23-255097-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1837532/000119312523255097/d566426d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-255097
- JSON: https://secwatch.observer/filing/0001193125-23-255097.json
- Plain text: https://secwatch.observer/filing/0001193125-23-255097.txt

## Key facts
- Debt Financings
  Apollo Debt Solutions BDC incurred credit facility of $80 million with Morgan Stanley Senior Funding, Inc., as administrative agent and as a lender, and Deutsche Bank National Trust Company, as collateral agent at Term SOFR plus a spread of (x) to and excluding October 6, 2025, 1.60%, (y) from maturing October 6, 2026.
  - Instrument: credit facility
  - Principal: $80 million
  - Counterparty: Morgan Stanley Senior Funding, Inc., as administrative agent and as a lender, and Deutsche Bank National Trust Company, as collateral agent
  - Rate: Term SOFR plus a spread of (x) to and excluding October 6, 2025, 1.60%, (y) from
  - Maturity: October 6, 2026
  - Event: incurrence
  source text: principal amount of the Merlin Funding Credit Agreement , which can be drawn upon by Merlin Funding subject to certain conditions in the Merlin Funding Credit Agreement, is $ 80 million as of the Closing Date, and can be increased up to $ 450 million following the pricing date of the Merlin Funding Debt Securitization. The Merlin Funding Credit Agreement
  evidence_url: https://www.sec.gov/Archives/edgar/data/1837532/000119312523255097/0001193125-23-255097-index.htm
- Material Agreements
  Apollo Debt Solutions BDC entered into Merlin Funding Credit Agreement with Morgan Stanley Senior Funding, Inc., as administrative agent and as a lender, and Deutsche Bank National Trust Company, as collateral agent valued at $80 million (effective 2023-10-06).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Morgan Stanley Senior Funding, Inc., as administrative agent and as a lender, and Deutsche Bank National Trust Company, as collateral agent
  - Value: $80 million
  - Effective: 2023-10-06
  source text: On October 6, 2023 (the “Closing Date”), Merlin Funding LLC (“Merlin Funding”), a Delaware limited liability company and newly formed wholly-owned subsidiary of Apollo Debt Solutions BDC, a Delaware statutory trust (the “Company” or “us”), entered into a credit agreement (the “Merlin Funding Credit Agreement”), with Merlin Funding, as borrower, the Company, in its capacity as subordinated lender, the lenders from time to time parties thereto, Morgan Stanley Senior Funding, Inc., as administrative agent (in such capacity, the “Administrative Agent”) and as a lender, and Deutsche Bank National Trust Company, as collateral agent (in such capacity, the “Collateral Agent”), account bank and collateral custodian.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1837532/000119312523255097/0001193125-23-255097-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.