On Deck Capital unit extends revolver maturities and amends terms

Chicago, Dec. 20 – On Deck Capital, Inc. wholly owned subsidiary Receivable Assets of OnDeck, LLC amended and restated its existing $119.7 million asset-backed revolving debt facility on Dec. 17, according an 8-K filing with the Securities and Exchange Commission.

Included in the amendments are a 24-month extension of the revolving commitment period to Dec. 17, 2020, an extension of the maturity date to Sept. 17, 2021 for the $100 million class A revolving loans due Dec. 31, 2018 and an extension of the maturity date to Dec. 17, 2019 for the $19.7 million class B revolving loan also due Dec. 31, 2018.

The weighted average variable interest rate under the revolving debt facility decreased to one-month Libor plus 245 bps from one-month Libor plus 350 basis points in each case assuming the class A loans and the class B loans are drawn on a pro rata basis. The variable interest rate will decrease further if the class B revolving commitment’s maturity date is not extended beyond December 2019.

SunTrust Bank is the administrative agent and Wells Fargo Bank, NA is the paying agent and the collateral agent.

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

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