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On Deck gets $85 million two-year revolver at Libor plus 300 bps
By Angela McDaniels
Tacoma, Wash., Feb. 7 – On Deck Capital, Inc. has a new $85 million revolving credit facility due January 2021, according to a company news release.
The interest rate is one-month Libor plus 300 basis points.
The arrangers are SunTrust Bank and Silicon Valley Bank. The other lenders are MB Financial Bank and Congressional Bank.
The new committed revolver can be used for general corporate purposes and replaces On Deck’s prior $30 million corporate facility.
The new revolver gives the company “a significant source of incremental liquidity that provides flexibility to pursue strategic corporate initiatives,” Ron Elimelekh, head of capital markets, said in the news release.
New York-based On Deck is an online platform for small business lending.
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