OnDeck amends asset-backed revolver to extend amendment period

By Taylor Fox

New York, Sept. 9 – On Deck Capital, Inc. wholly owned subsidiary OnDeck, LLC amended its asset-backed revolving debt facility, extending the amendment period to Oct. 23 from Sept. 3, according to an 8-K filing with the Securities and Exchange Commission.

No borrowing base deficiency will be deemed to occur under the facility during the amendment period.

In addition, no portfolio performance tests in the facility will be tested until the first interest payment date following the amendment period.

During the amendment period, the lenders are not obligated to make any loans to OnDeck and it is restricted from purchasing receivables and any cash remaining in the facility is not permitted to be distributed to the company.

The administrative agent is 20 Gates Management LLC. Deutsche Bank Trust Co. Americas is paying agent and collateral agent.

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

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