OnDeck Announces New $100 Million Revolving Credit Facility
Commitment Amount: |
|
Interest Rate: |
1 Month LIBOR + 2.00% |
Advance Rate: |
84.5% |
Revolving Funding Period: |
4 years |
Maturity Date: |
|
"We are excited to complete yet another milestone transaction that increases our funding flexibility while reducing costs," said
Under the facility, loans will be made to a wholly-owned subsidiary of OnDeck, which will purchase small business loans from OnDeck. This revolving pool of small business loans will serve as collateral under the facility. OnDeck is acting as the servicer for these loans.
"We are delighted to announce further progress on executing our funding strategy on the heels of closing our most recent securitization," said Ron Elimelekh, Head of Capital Markets, OnDeck. "This credit facility provides OnDeck with long-term committed funding to support future loan growth. Securing the flexibility to obtain funding on a revolving basis for the next four years at an attractive cost of funds while continuing to diversify our funding sources is another great step forward for OnDeck."
About OnDeck
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other legal authority. Forward-looking statements can be identified by words such as "proposed," "will," "enables," "expects," "allows," "continues," "believes," "anticipates," "estimates" or similar expressions. These include statements regarding possible future loan growth as a result of entering into the new facility or otherwise. Forward-looking statements are neither historical facts nor assurances of future performance. They are based only on our current beliefs, expectations and assumptions regarding the future of our business, anticipated events and trends, the economy and other future conditions. As such, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and in many cases outside our control. Therefore, you should not rely on any of these forward-looking statements. Our expected results may not be achieved, and actual results may differ materially from our expectations. Factors that could cause or contribute to actual results differing from our forward-looking statements include risks relating to: our ability to meet borrowing conditions and remain in compliance with all the provisions of the new facility; changes in the financial markets, including changes in credit markets and interest rates; adverse developments regarding OnDeck, its business or the online or broader marketplace lending industry generally; and other risks, including those described in our Annual Report on Form 10-K for the year ended
Investor Contact:
Scott Reynolds
(646) 668-3551
[email protected]
Media Contact:
Jim Larkin
(203) 526-7457
[email protected]
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