OnDeck closes $175 million asset-backed revolver due in 2022

By Wendy Van Sickle

Columbus, Ohio, Aug. 8 – OnDeck Capital, Inc. announced the closing of a $175 million asset-backed revolving credit facility provided by Liberty Mutual Insurance Co. and funds managed by affiliates of Ares Management LP.

The revolver will mature in August 2022, and the revolving period will end in August 2021.

Borrowings will bear interest at one-month Libor plus 300 basis points, according to a press release.

Proceeds will be used to finance OnDeck’s line of credit portfolio and may also be used to finance the company’s term loans.

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

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