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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
OnDeck Closes New $100MM Revolver with Pioneers Gate
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Lenders/Participants
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Pioneers Gate LLC [Lender]
20 Gates Management LLC [Administrative Agent]
Deutsche Bank [Collateral Agent, Paying Agent]
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Structure
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Revolver
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Amount
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$100.000
Million
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Borrower(s)
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Loan Assets of OnDeck, LLC
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Description
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A new asset-backed revolving debt facility. Under the 20 Gates Facility, the Lenders party thereto make loans to LAOD, the proceeds of which are used to finance LAOD’s purchase of Loans from the Company in a transaction structured to be bankruptcy remote. The revolving pool of Loans purchased by LAOD serves as collateral for the loans made to LAOD under the 20 Gates Facility. LAOD is required to repay the borrowings from collections received on the Loans. Under the 20 Gates Facility, LAOD can voluntarily repay (subject to certain minimum utilization requirements) and re-borrow principal amounts up to the aggregate commitment amount subject to satisfaction of certain borrowing conditions.
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Industry
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Lender Finance
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| Related Tags |
Deutsche Bank, OnDeck
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ABL Advisor
Deal Tables
2024
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