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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subsidiary of On Deck Capital, Inc. (the Company), amended and
restated its existing asset-backed revolving debt facility, which
is utilized solely for the financing of the Companys line of credit
offering. On that date, ODAC entered into that certain Fourth
Amended and Restated Credit Agreement (the Fourth AR Credit
Agreement) with the Lenders party thereto from time to time and WM
2016-1, LLC, as Administrative Agent for the Lenders (the
Administrative Agent), and Deutsche Bank Trust Company Americas, as
Paying Agent and as Collateral Agent for the Secured Parties (the
Collateral Agent). The Fourth AR Credit Agreement amends and
restates the Third Amended and Restated Credit Agreement (as
amended, the Third AR Credit Agreement), dated as of April 28,
2016, by and among ODAC, as Borrower, the Lenders party thereto
from time to time, the Administrative Agent and the Collateral
Agent. The Third AR Credit Agreement was previously filed as
Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for
the quarter ended June 30, 2016.
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an increase in the Lenders revolving commitments from an
aggregate amount of $75 million to $100 million; |
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an approximately two year extension of the revolving
commitment period during which ODAC may utilize funding capacity under the facility to May 3, 2019; |
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a decrease in the revolving loans interest rate to LIBOR
(minimum of 0.75%) 7.25% from LIBOR (minimum of 0.0%) 9.25%; |
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an increase in the borrowing advance rate from 75% to 85%;
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certain changes to portfolio performance covenants; and
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various related 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 June 30, 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 -0.01 at 4.61 with 158,320 shares trading hands.