Apollo’s Mallard, Cardinal enter two $500 million credit agreements

By Wendy Van Sickle

Columbus, Ohio, Jan. 11 – Mallard Funding LLC, a newly formed subsidiary of Apollo Debt Solutions BDC, entered into a five-year $500 million loan agreement on Jan. 7 with Morgan Stanley Senior Funding, Inc. as administrative agent and Bank of New York Mellon Trust Co., NA as collateral agent, according to an 8-K filing with the Securities and Exchange Commission.

Meanwhile, Cardinal Funding LLC entered into a credit agreement on the same date providing for a $500 million credit agreement with Citibank, NA as administrative agent and Bank of New York Mellon as collateral agent.

The Mallard facility has a three-year draw period.

It bears interest at adjusted term SOFR, CDOR, Sonia or Euribor plus a margin that is initially 160 basis points with step-ups to 200 bps following a ramp-up period and to 225 bps after three years.

The Cardinal credit agreement can be drawn in multiple currencies. It also has a five-year tenor and a three-year draw period.

It bears interest at adjusted term SOFR, CDOR, Sonia or Euribor plus a margin that is initially 170 bps for advances used to finance the purchase or origination of broadly syndicated loans, 220 bps for advances used to finance the purchase or origination of private credit loans and 245 bps for advances used to finance the purchase or origination of any other eligible loans. After the three-year reinvestment period, the margin will rise by 50 bps in each case.

New York-based Apollo provides individual investors access to investments.

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