Apollo Debt Solutions BDC 8-K

What Happened
Apollo Debt Solutions BDC filed an 8-K on January 23, 2026 announcing that it entered into a Sixth Supplemental Indenture with U.S. Bank Trust Company, N.A. and issued $750,000,000 aggregate principal amount of 5.700% notes due January 23, 2031 (the Notes). The offering closed January 23, 2026 and the Notes pay interest at 5.700% per year, payable semi‑annually on January 23 and July 23 (first interest payment July 23, 2026). The Notes were sold to qualified institutional buyers under Rule 144A and to non‑U.S. persons under Regulation S and are not registered under the Securities Act.

Key Details

• Issuance size: $750,000,000 principal; net proceeds approximately $742.2 million after discounts and offering expenses.
• Interest & maturity: 5.700% annual interest, semi‑annual payments on Jan 23 and Jul 23, maturity Jan 23, 2031.
• Ranking: unsecured obligations of the Fund; senior to subordinated debt, pari passu with other unsecured unsubordinated debt, effectively junior to secured debt and structurally junior to subsidiary indebtedness.
• Covenants & protections: Indenture includes covenants (including compliance with certain asset coverage requirements under the Investment Company Act) and a change‑of‑control repurchase event requiring holders be offered 100% of principal plus accrued interest.
• Registration Rights Agreement: Fund agreed to file an exchange offer registration or a shelf resale registration for the Notes with initial purchasers’ representatives (BofA, BNP Paribas, J.P. Morgan, Morgan Stanley); additional interest may accrue if registration deadlines are missed.
• Use of proceeds: for general corporate purposes and/or to repay indebtedness (including the revolving credit facility).

Why It Matters
This 8-K shows the Fund raised substantial long‑term unsecured capital at a fixed 5.700% rate, increasing its liquidity and capacity to repay or refinance existing borrowings. The notes’ ranking and covenants affect creditor priority and certain Fund obligations (including registration commitments), which are material for holders of Fund securities and creditors to consider when assessing credit risk and capital structure.