On Deck expands asset-backed revolver to $75 million, increases rate

By Angela McDaniels

Tacoma, Wash., April 29 – On Deck Capital, Inc. subsidiary On Deck Asset Co., LLC amended and restated its asset-backed revolving debt facility on Thursday, according to an 8-K filing with the Securities and Exchange Commission.

The amended and restated credit agreement provides for the following:

• An increase in the lenders' revolving commitment to $75 million from $50 million;

• An increase in the revolving interest rate to Libor plus 925 basis points with a Libor floor of zero from Libor plus 825 bps;

• An increase in the borrowing base advance rate to 75% from 70%;

• An extension of the date on or prior to which early termination fees may be payable in the event of a termination or other permanent reduction of the revolving commitments by about 11 months to April 28, 2017; and

• Some changes to portfolio performance covenants.

The revolver is used solely for the financing of the company’s line of credit offering.

WC 2014-1, LLC 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.