Online lender OnDeck closed an AUD$75 million ($55.179 million) asset-backed revolving credit facility with Crédit Suisse and a C$50 million ($37.753 million) asset-backed revolver with Crédit Agricole.

The Crédit Suisse facility will be used to refinance OnDeck Australia’s current loan book at a significantly lower cost, as well as to fund future originations. The Crédit Agricole facility is the first for OnDeck Canada and provides the business with access to C$25 million ($18.877 million) of committed capacity, along with an additional C$25 million ($18.877 million) of capacity available at the discretion of the lenders.

Both facilities are floating rate and have an initial weighted average interest rate of approximately 5.6%. The Crédit Suisse facility and Crédit Agricole facility are scheduled to mature in June 2020 and June 2021, respectively.

“Securing cost-effective facilities that provide committed funding to support the loan growth of our international businesses reflects another step forward in the execution of our financing strategy,” said Ken Brause, chief financial officer of OnDeck. “These two transactions provide additional capacity to support small businesses in Australia and Canada and help them to achieve their goals.”

Under the respective facilities, loans will be made to a wholly-owned subsidiary of OnDeck Australia or OnDeck Canada, which will purchase small business loans from each, respectively. Each of the two separate revolving pools of small business loans will serve as collateral under its respective facility. Both subsidiaries will act as the servicer for their respective loans.