Apollo Debt Solutions BDC subsidiary Toucan Funding enters $600M revolving credit facility

Apollo Debt Solutions BDC

Maximum principal $600M, expandable to $1B via accordion; 3-year revolving period, 5-year maturity.
Interest on USD advances at 1-month Term SOFR plus 1.60% margin; margin increases 0.125% after reinvestment period.
Borrowings secured by Toucan Funding assets; used to finance eligible asset origination/acquisition.
Fund retains residual interest via ownership; contributed assets recorded at no gain/loss.
Credit agreement contains customary covenants and events of default; borrowings count toward asset coverage under 1940 Act.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Apollo Debt Solutions BDC entered into Revolving Credit and Security Agreement with Toucan Funding LLC valued at $600 million (effective 2025-12-19).

Action: entry
Agreement: credit facility
Counterparty: Toucan Funding LLC
Value: $600 million
Effective: 2025-12-19

Exact text from the filing

On December 19, 2025 (the “Closing Date”), Toucan Funding LLC (“Toucan Funding”), a Delaware limited liability company and newly formed subsidiary of Apollo Debt Solutions BDC, a Delaware statutory trust (the “Fund” or “us”), entered into a Revolving Credit and Security Agreement (the “Toucan Funding Credit Agreement”), with Toucan Funding, as borrower, the Fund, in its capacity as collateral manager, the lenders from time to time parties thereto, Truist Bank, as administrative agent and swingline lender, Truist Securities, Inc., as lead arranger, Citibank, N.A., as collateral agent, document custodian and custodian, and Virtus Group, LP, as collateral administrator.

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Source: SEC EDGAR

accession 0001193125-25-328733

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