OnDeck upsizes revolving capacity to $214.12 million, extends to 2019

By Wendy Van Sickle

Columbus, Ohio, March 22 – OnDeck Capital, Inc. subsidiary OnDeck Account Receivables Trust 2013-1 LLC amended and restated its credit agreement led by Deutsche Bank AG on Monday, increasing its commitments and amending its maturity, among other changes, according to an 8-K filing with the Securities and Exchange Commission.

Specifically, the maximum amount of class A revolving loans was increased by $50 million and the maximum amount of class B revolving loans was increased to up to $1,765,000, for a total facility size of $214,118,000.

The revolving commitment period was extended to March 20, 2019.

Also, the credit agreement now provides for a borrowing base advance rate for the class A revolving loans of 85% and a borrowing base advance rate for the class B revolving loans of 91%.

Deutsche Bank is the lead arranger, administrative agent, syndication agent and documentation agent.

OnDeck is a New York-based company that uses proprietary technology and credit models to evaluate the financial health of provide capital to small businesses.

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