OnDeck extends $360 million of credit facilities to March 2022

By Sarah Lizee

Olympia, Wash., March 13 – OnDeck Capital, Inc. extended its existing $360 million of revolving credit facilities with Credit Suisse and Deutsche Bank three years to March 2022, according to a press release.

The company said the facilities were amended with improved terms and are available to finance OnDeck's term loans and revolving lines of credit.

“Today’s announcement follows a transformative 12-month period for OnDeck during which it significantly improved its funding profile through the closing of 10 funding transactions that created approximately $1.2 billion in new funding capacity,” OnDeck said in the release.

“These successful transactions reduced OnDeck's weighted average spread by over 200 basis points and lengthened maturities, resulting in a current weighted average maturity of approximately three years.”

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

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