Online lending platform OnDeck (NYSE: ONDK) announced earlier this week it has officially amended its asset-backed revolving credit facility with Deutsche Bank to extend the facility’s maturity date to March 2019 and also increase the facility’s borrowing capacity by approximately $52 million to a total of approximately $214 million.
According to OnDeck, under the facility, loans will continue to be made to the lender’s 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 were 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. Speaking about the extension of the facility, Randal Johnson, director at Deutsche Bank, stated: