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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wholly-owned subsidiary of On Deck Capital, Inc. (the Company),
amended and restated its existing asset-backed revolving debt
facilities (the SunTrust Facility) as described below. On that
date, RAOD entered into that certain Second Amended and Restated
Credit Agreement (the Second>AR Credit Agreement) with the
Lenders party thereto from time to time, SunTrust Bank, as
Administrative Agent (the Administrative Agent), and Wells Fargo
Bank, N.A., as Paying Agent (in such capacity, the Paying Agent)
and as Collateral Agent for the Secured Parties (in such capacity,
the Collateral Agent). The Second AR Credit Agreement amends and
restates that certain Amended and Restated Credit Agreement (the AR
Credit Agreement), dated as of February 26, 2016, by and among
RAOD, as Borrower, the Lenders party thereto, the Administrative
Agent, the Paying Agent and the Collateral Agent. The AR Credit
Agreement was previously filed as Exhibit 10.1 to the Company’s
Quarterly Report on Form 10-Q for the quarter ended March 31, 2016.
provide for:
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an eighteen month extension of the revolving commitment
period during which RAOD may utilize funding capacity under the SunTrust Facility to November 22, 2018; |
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a decrease in the Class A revolving loans interest rate from
LIBOR 3.00% to LIBOR 2.50%; |
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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 Second 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 -0.11 at 3.55 with 451,898 shares trading hands.