NEW YORK, March 22, 2017 /PRNewswire/ -- OnDeck®
(NYSE: ONDK), the leader in online lending for small business,
announced today that it had amended its asset-backed revolving
credit facility with Deutsche Bank to extend the facility's
maturity date to March 2019 and to
increase the facility's borrowing capacity by approximately
$52 million to a total of up to
approximately $214 million.
"We are pleased to provide OnDeck with an extension and upsize
of this credit facility, which will help OnDeck to continue
providing financing solutions to the small business community,"
said Randal Johnson, director at
Deutsche Bank.
Under the facility, loans will continue to be made to OnDeck
Account Receivables Trust 2013-1 LLC, or ODART, a wholly owned
subsidiary of OnDeck, to finance ODART's purchase of small business
loans from OnDeck. The revolving pool of small business loans
purchased by ODART serves as collateral under the facility.
OnDeck is acting as the servicer for such small business
loans. The ratings previously assigned to the Class A and
Class B Loans under the facility by DBRS, Inc., did not change as a
result of the amendment.
"The closing of this transaction reflects a continued ability to
execute our financing strategy for 2017, which includes extending
debt maturities and creating additional funding capacity for future
loan growth," said Howard
Katzenberg, chief financial officer, OnDeck. "Deutsche Bank,
a leading global financial institution, has been a steadfast
partner in supporting OnDeck's mission to power the growth of small
business through lending technology and innovation and we are
pleased to continue our relationship into 2019."
About OnDeck
OnDeck (NYSE: ONDK) is the leader in online small business
lending. Since 2007, the Company has powered Main Street's growth
through advanced lending technology and a constant dedication to
customer service. OnDeck's proprietary credit scoring system – the
OnDeck Score® – leverages advanced analytics, enabling
OnDeck to make real-time lending decisions and deliver capital to
small businesses in as little as 24 hours. OnDeck offers business
owners a complete financing solution, including the online lending
industry's widest range of term loans and lines of credit. To date,
the Company has deployed over $6
billion to more than 60,000 customers in 700 different
industries across the United
States, Canada and
Australia. OnDeck has an A+ rating
with the Better Business Bureau.
For more information, please
visit www.ondeck.com.
About Credit Ratings
Credit ratings are opinions of the relevant rating agency. They
are not facts and are not opinions of OnDeck. They are not
recommendations to purchase, sell or hold any securities and can be
changed or withdrawn at any time.
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 include
statements about the extension of debt maturities and the
availability of additional funding capacity, all of which are
dependent upon compliance with the borrowing and other
conditions of the amended facility and other debt facilities, as
well as information concerning OnDeck's business plans and
objectives and financing plans including future loan growth.
Forward-looking statements can also be identified by words such as
"will," "enables," "expects", "may," "allows," "continues,"
"believes," "intends," "anticipates," "estimates" or similar
expressions. Forward-looking statements are neither historical
facts nor assurances of future performance. They are based only on
OnDeck's current beliefs, expectations and assumptions regarding
the future of its business, anticipated events and trends, the
economy and other future conditions. Moreover, OnDeck does not
assume responsibility for the accuracy and completeness of
forward-looking statements. As such, they are subject to inherent
uncertainties, changes in circumstances, known and unknown risks
and other factors that are difficult to predict and in many cases
outside OnDeck's control.
As a result, you should not rely on any forward-looking
statements. OnDeck's expected results may not be achieved, and
actual results may differ materially from OnDeck's expectations.
Important factors that could cause actual results to differ from
OnDeck's forward-looking statements are the risks that OnDeck may
not be able to manage its anticipated or actual growth effectively,
that its credit models do not adequately identify potential risks,
and other risks, including those under the heading "Risk Factors"
in OnDeck's Annual Report on Form 10-K for the year ended
December 31, 2016 and in other
documents that OnDeck files with the Securities and Exchange
Commission, or SEC, from time to time which are available on the
SEC website at www.sec.gov. OnDeck undertakes no obligation to
publicly update any forward-looking statements for any reason after
the date of this press release to conform these statements to
actual results or to changes in OnDeck's expectations, except as
required by law.
OnDeck, the OnDeck logo, OnDeck Score and OnDeck
Marketplace are trademarks of On Deck Capital, Inc.
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SOURCE On Deck Capital, Inc.