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On Deck Capital unit enters into $100 million asset-backed revolver
By Marisa Wong
Morgantown, W.Va., April 19 – On Deck Capital, Inc. wholly owned subsidiary Loan Assets of OnDeck, LLC entered into a new $100 million asset-backed revolving debt facility on April 13 with Pioneers Gate LLC as a lender, 20 Gates Management LLC as administrative agent and Deutsche Bank Trust Co. Americas as paying agent and collateral agent, according to an 8-K filing with the Securities and Exchange Commission.
The credit facility has a borrowing base advance rate of 84.5% and a four-year revolving funding period.
The facility matures on Oct. 13, 2022 and bears interest at one-month Libor plus 200 basis points.
The credit agreement contains financial covenants including requirements with respect to minimum tangible net worth, maximum leverage ratio, minimum consolidated liquidity and minimum unrestricted cash.
New York-based On Deck Capital is an online platform for small business lending.
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