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LendingClub unit enters $250M credit facility

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LendingClub unit enters $250M credit facility

LendingClub Corp. unit LendingClub Warehouse I LLC has entered into a warehouse credit agreement, which includes a $250 million secured revolving credit facility.

The company may draw from the facility from time to time until the earlier of Oct. 10, 2019, or an event that would be classified as a termination date. The facility's proceeds will be able to be used only to buy certain unsecured consumer loans from LendingClub and related rights and documents and to pay any fees or expenses tied to the facility.

As part of the warehouse agreement, the unit also entered into a security agreement in which the credit facility is secured by a first priority lien and security interest in all of its assets.