OnDeck gets second limited consent for corporate debt facility

By Wendy Van Sickle

Columbus, Ohio, Aug. 6 – OnDeck Capital, Inc. obtained a second limited consent on July 31 for its corporate debt facility as it continues to work toward entering into a broader amendment to its corporate facility to address impacts from the Covid-19 pandemic, according to an 8-K filing with the Securities and Exchange Commission.

The lenders consented to extend the extended date to Aug. 7 from July 31, which further delays the effectiveness of the increased monthly principal repayments triggered by an asset performance payout event.

If an amendment is not entered into or the consent extension is not otherwise extended, the company will be required to make an additional $7.9 million principal repayment by Aug. 7 and the monthly principal repayments of $21 million triggered by the event would commence on Aug. 17 and continue until the corporate facility is repaid in full.

New York-based OnDeck Capital is an online platform for small business lending.

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