OnDeck CapitalInc. unit On Deck Asset Co. LLC amended its existing asset-backedrevolving debt facility, increasing the lenders' revolving commitment to anaggregate amount of $75 million from $50 million.
On Deck Asset on April 28 entered into an amended creditagreement with the lenders, WC 2014-1 LLC as administrative agent for thelenders and Deutsche Bank Trust Co. Americas as paying agent and collateralagent for the secured parties. The facility is utilized solely forthe financing of On Deck Capital's line of credit offering, according to a Form8-K filed April 29.
Among other things, the amendment also increases therevolving loans interest rate to LIBOR + 9.25% from LIBOR + 8.25% and increasesthe borrowing base advance rate to 75% from 70%. Additionally, it provides foran extension of the date on or prior to which early termination fees may bepayable in the event of a termination or other permanent reduction of therevolving commitments by approximately 11 months to April 28, 2017.