The combined $25 million program prices ADS and ASIF shares at 14.6% and 13.4% discounts to August NAVs respectively, after both funds again capped repurchases.
After an unsuccessful first attempt, Cox has come back to the table with an unsolicited bid valuing Class I shares at ~13% below their August 31 NAV.
Investor repurchase requests eased with net new withdrawal demand falling by approximately 60% QoQ.
The $14 billion Apollo Debt Solutions BDC will pay around $700 million to investors after withdrawal requests reached 14.7% of outstanding shares in Q3.
The unsolicited bid priced shares at 85% of NAV, the smallest discount of the three Cox offers targeting BDCs managed by Ares, BlackRock, and Apollo.
The ~$30 million transaction will provide liquidity to shareholders in private debt funds managed by BlackRock, Apollo, and Ares at 15-30% discounts.
Mark Goldberg of Alternative Investments Market Intelligence analyzes why redemption queues across non-traded BDCs could take years to clear despite easing withdrawal demand.
The private debt vehicle recently capped Q2 redemptions after repurchase requests reached 16.8% of outstanding shares.
According to EvergreenLink's Notice Board, Ares Strategic Income Fund limited withdrawals at 5% after requests rose to 14.4% of outstanding shares in Q2.
The Apollo Debt Solutions BDC gated withdrawals for a second consecutive quarter after investors sought to redeem approximately 16.8% of outstanding shares in Q2.
