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OnDeck Extends, Upsizes Revolving Credit Facility With Deutsche Bank

March 23, 2017, 07:20 AM
Filed Under: Lender Finance
Related: Deutsche Bank, OnDeck

OnDeck announced that it had amended its asset-backed revolving credit facility with Deutsche Bank to extend the facility's maturity date to March 2019 and to increase the facility's borrowing capacity by approximately $52 million to a total of up to approximately $214 million.

"We are pleased to provide OnDeck with an extension and upsize of this credit facility, which will help OnDeck to continue providing financing solutions to the small business community," said Randal Johnson, director at Deutsche Bank.

Under the facility, loans will continue to be made to OnDeck Account Receivables Trust 2013-1 LLC, or ODART, a wholly owned subsidiary of OnDeck, to finance ODART's purchase of small business loans from OnDeck.  The revolving pool of small business loans purchased by ODART serves as collateral under the facility. OnDeck is acting as the servicer for such small business loans. The ratings previously assigned to the Class A and Class B Loans under the facility by DBRS, Inc., did not change as a result of the amendment.

"The closing of this transaction reflects a continued ability to execute our financing strategy for 2017, which includes extending debt maturities and creating additional funding capacity for future loan growth," said Howard Katzenberg, chief financial officer, OnDeck. "Deutsche Bank, a leading global financial institution, has been a steadfast partner in supporting OnDeck's mission to power the growth of small business through lending technology and innovation and we are pleased to continue our relationship into 2019."

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