Ares Agents ABL Revolver Upsize for OnDeck Asset Funding

OnDeck Funding, a subsidiary of On Deck Capital, reported it amended its existing asset-backed revolving debt facility that provides for an increase in the lenders’ revolving commitment from an aggregate amount of $100 million to $150 million.

The facility amendment provided for the extension of revolving commitment termination date by approximately six months to Feb 14, 2019.

According to a related filing, Ares Agent Services served as administrative agent for the lenders and collateral agent for the secured parties, and Wells Fargo Bank as paying agent.

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