OnDeck (NYSE: ONDK), a small business online lending platform, announced on Wednesday extensions to its existing credit facilities with Credit Suisse and Deutsche Bank on improved terms. According to OnDeck, the amended facilities provide an aggregate of $360 million of committed funding capacity and are available to finance OnDeck’s term loans and revolving lines of credit. The scheduled maturity dates for the facilities were extended three years to March 2022.
While sharing more details about the extensions, Ken Brause, Chief Financial Officer of OnDeck, stated:
“We are pleased to continue to work with Credit Suisse and Deutsche Bank as we fulfill our mission to transform small business lending. These transactions, together with the eight others we have executed over the past year, demonstrate the strength of OnDeck’s business model and growing support from banks and capital markets.”
OnDeck also reported that the announcement follows a transformative twelve-month period for OnDeck during which it significantly improved its funding profile through the closing of ten funding transactions that created approximately $1.2 billion in new funding capacity. Ron Elimelekh, Senior Vice President and Head of Capital Markets of OnDeck, went on to add:
“In early 2018, we set in motion an ambitious plan to improve our funding profile. We are pleased to have successfully secured longer-term funding commitments, reduced our cost of funds and expanded our investor base to include new partners such as leading life insurance companies. OnDeck’s funding framework is well positioned to finance strategic opportunities while supporting domestic and international loan growth.”
