On Deck Capital increases revolver to $105 million, adds lender

By Angela McDaniels

Tacoma, Wash., July 25 – On Deck Capital, Inc. entered into a joinder agreement on July 19 that increased its revolving senior secured credit facility to $105 million from $85 million and added Regions Bank as a new lender, according to an 8-K filing with the Securities and Exchange Commission.

The revolver matures Jan. 28, 2021 and accrues interest at one-month Libor plus 300 basis points.

The revolver is subject to a borrowing base and is secured by collateral, subject to exceptions and limitations, including first-priority security interests in substantially all tangible and intangible personal property of the company and some of its domestic subsidiaries and a perfected first-priority pledge of the equity interests and any debt instruments held by the company and the subsidiary guarantors.

Sun Trust Bank is the administrative agent and collateral agent.

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

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