OnDeck amended and restated its existing $119.7 million asset-backed revolving debt facility with SunTrust Bank as administrative agent and Wells Fargo as paying agent and collateral agent.
According to the related 8-K filing, the amendment included:
- A 24-month extension of the revolving commitment period during which OnDeck may utilize funding capacity under the SunTrust facility until December 17, 2020
- An extension of the maturity date of the $100 million Class A revolving loans from December 31, 2018 to no later than September 17, 2021
- An extension of the maturity date of the $19.7 million Class B revolving loans from December 31, 2018 to December 17, 2019
- Certain favorable changes to portfolio performance covenants, and various related technical, definitional, conforming and other changes
The weighted average variable interest rate under the facility decreased from one-month LIBOR + 3.50% to one-month LIBOR + 2.45%, in each case assuming the Class A loans and the Class B loans are drawn on a pro rata basis.
The variable interest under the facility will decrease further if the Class B revolving commitment’s maturity date is not extended beyond December 2019.