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.
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(ODART), a wholly-owned subsidiary of On Deck Capital, Inc. (the
Company), amended and restated one of its existing asset-backed
revolving debt facilities (the Deutsche Bank Facility) as described
below. On that date, ODART entered into that certain Fourth Amended
and Restated Credit Agreement (the Fourth AR Credit Agreement) with
the Lenders party thereto from time to time, Deutsche Bank AG, New
York Branch, as Administrative Agent for the Class A Revolving
Lenders (in such capacity, the Administrative Agent), as Class B
Agent for the Class B Revolving Lender, and as Collateral Agent for
the Secured Parties (in such capacity, the Collateral Agent),
Deutsche Bank Trust Company Americas, as Paying Agent for the
Lenders (the Paying Agent), and Deutsche Bank Securities Inc., as
Lead Arranger, Syndication Agent (in such capacity, Syndication
Agent) and Documentation Agent (in such capacity, Documentation
Agent). The Fourth AR Credit Agreement amends and restates the
Third Amended and Restated Credit Agreement (the Third AR Credit
Agreement), dated as of June 17, 2016, by and among ODART, the
Lenders party thereto from time to time, the Administrative Agent,
the Collateral Agent, the Paying Agent, Syndication Agent and
Documentation Agent. The Third AR Credit Agreement was previously
filed as Exhibit 10.1 to the Company’s Quarterly Report on Form
10-Q for the quarter ended June 30, 2016.
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a $50,000,000 increase in the maximum amount of the Class A
revolving loans and an increase to up to $1,765,000 in the maximum amount of the Class B revolving loans, thereby increasing the total facility size to up to $214,118,000; |
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an extension of the revolving commitment period during which
ODART may utilize funding capacity under the Deutsche Bank Facility to March 20, 2019; |
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a borrowing base advance rate for the Class A revolving loans
of 85% and a borrowing base advance rate for the Class B revolving loans of 91%; and |
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various technical, definitional, conforming and other
changes. |
not purport to be complete and is qualified in its entirety by
reference to the Fourth AR Credit Agreement, which will be filed as
an exhibit to the Company’s Quarterly Report on Form 10-Q for the
quarter ending March 31, 2017.
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Item 2.03
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Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
Form 8-K is incorporated herein by reference.
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. On Deck Capital, Inc. (NYSE:ONDK) Recent Trading Information
On Deck Capital, Inc. (NYSE:ONDK) closed its last trading session down -0.02 at 4.48 with 404,484 shares trading hands.
