On Deck Capital, Inc. (NYSE:ONDK) Files An 8-K Entry into a Material Definitive Agreement

On Deck Capital, Inc. (NYSE:ONDK) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01

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Entry into a Material Definitive Agreement.

Credit Agreement Amendment

On February 8, 2019, Loan Assets of OnDeck, LLC (“LAOD”), a wholly-owned subsidiary of On Deck Capital, Inc. (the “Company”), entered into an amendment (the “Amendment”) to further modify the Credit Agreement, dated April 13, 2018, by and among LAOD, the Lenders party thereto from time to time, 20 Gates Management, LLC, as Administrative Agent and Deutsche Bank Trust Company Americas, as Paying Agent and Collateral Agent (the “20 Gates Facility”). The amendment primarily increased the revolving commitment amount by $50 million and reduced the interest rate margin over 1 Month LIBOR by 0.25%, as well as made various technical, definitional, conforming and other changes.

The following table summarizes certain key terms of the amended 20 Gates Facility:

Commitment Amount

$150.0 million

Borrowing Rate

1 Month LIBOR + 1.75%

Borrowing Base Advance Rate

84.5%

Revolving Funding Period End Date

April 13, 2022

Maturity Date

October 13, 2022

The Amendment did not modify the terms summarized in the last three lines of the above table.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ending March 31, 2019.

Item 1.01

Results of Operations and Financial Condition.

On February 12, 2019, the Company issued a press release announcing its financial results for the fourth quarter and full year ended December 31, 2018. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information set forth under this Item 1.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing under the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 1.01

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 1.01

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description

Press Release, February 12, 2019

On Deck Capital, Inc. Exhibit
EX-99.1 2 ondkearningsrelease2018q4.htm EXHIBIT 99.1 Exhibit Exhibit 99.1OnDeck Reports Record Fourth Quarter and Full Year 2018 Financial Results Fourth Quarter Highlights•Net income* of $14.0 million,…
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About On Deck Capital, Inc. (NYSE:ONDK)

On Deck Capital, Inc. offers an online platform for small business lending. The Company’s platform aggregates and analyzes data points from disparate data sources to assess the creditworthiness of small businesses. Small businesses apply for a term loan or line of credit on the Company’s Website, and using its OnDeck Score, the Company makes a funding decision and transfers the funds. It offers a financing solution for small businesses, including short-term loans of over 10 months and long-term loans of over 40 months, and lines of credit. The Company’s integrated platform includes the Company’s Website, which allows small businesses to apply for a loan, round the clock; data and analytics engine, which analyzes data attributes from disparate sources to assess the real-time creditworthiness of a small business; the technology, which offers funding of loans, and daily and weekly collections, and ongoing servicing system.

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