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On Deck upsizes asset-backed revolver, priced at Libor plus 800 bps
By Marisa Wong
Morgantown, W.Va., June 22 – On Deck Capital, Inc.’s wholly owned subsidiary, OnDeck Account Receivables Trust 2013-1 LLC, amended and restated one of its existing asset-backed revolving debt facilities on June 17, according to an 8-K filing with the Securities and Exchange Commission.
The third amended and restated credit agreement provides for the following:
• Reintroduction of class B revolving loans from the class B revolving lender resulting in additional funding capacity of up to $12,353,000, which increases the facility size to up to $162,353,000;
• A borrowing base advance rate for the class B revolving loans of 92%;
• An interest rate for the class B revolving loans equal to Libor plus 800 basis points; and
• Increase in the specified portion of the facility usable for financing the company’s weekly pay term loan product.
Deutsche Bank AG, New York Branch is the administrative agent, and Deutsche Bank Securities Inc. is the lead arranger.
New York-based On Deck Capital is an online platform for small business lending.
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