On Deck Capital restates revolver to lift commitments to $100 million

By Marisa Wong

Morgantown, W.Va., March 3 – On Deck Capital, Inc. amended and restated its existing asset-backed revolving debt facility to increase the class A revolving commitment to $100 million from $50 million, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also provides for the utilization of up to half of the facility to finance the company’s expanded term loan range offered to select, highly qualified customers, which reflects an increase in the maximum scheduled loan term (to up to 36 months) and the maximum original principal amount (to up to $500,000).

In addition, the company made some changes to portfolio performance covenants and other technical changes.

SunTrust Bank is the administrative agent.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.