Daily News: November 19, 2019

Credit Suisse Agents Downsize of OnDeck PORT Facility


Prime OnDeck Receivable Trust II, a wholly-owned subsidiary of OnDeck, amended its asset-backed revolving debt facility to modify the amended and restated credit agreement, dated March 12, 2019.

According to a related 8-K filing, Credit Suisse, New York Branch, served as administrative agent for the Class A Lenders, and Wells Fargo Bank as paying agent and as collateral agent.

The PORT Amendment reduced the revolving commitment of the PORT facility from $180 million to $75.0 million, but did not alter or modify the company’s option to prepay without premium, penalty or additional fee.