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Share Name | Share Symbol | Market | Type |
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On Deck Capital Inc | NYSE:ONDK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 1.83 | 0 | 01:00:00 |
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Delaware
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001-36779
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42-1709682
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(State or other jurisdiction
of incorporation) |
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(Commission
File Number)
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(I. R. S. Employer
Identification No.)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $0.005 per share
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ONDK
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New York Stock Exchange
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Item 7.01
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Regulation FD Disclosure.
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We remain focused on managing credit risks and improving collectability from existing accounts.
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We are observing early signs of improvement in industries less impacted by the pandemic and in geographies that are beginning to reopen:
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The balance of loans one day or more delinquent (“1+ delinquent loans”) in the U.S. portfolio decreased slightly from April 30th while the corresponding 1+ Days Past Due Rate has been generally stable.
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The percentage of 1+ delinquent loans for which we received a payment of at least 25% of the original contractual amount due in the last seven days improved from approximately 30% at March 31st and approximately 45% at April 30th to approximately 55% as of May 22nd.
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The percentage of total U.S. customers making a payment in the last seven days of at least 25% of the original contractual amount due increased from a low of 75% on April 17th to approximately 82% on May 22nd.
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Portfolio performance quarter-to-date has generally been consistent with the assumptions underlying our March 31, 2020 financial statements, including our calculation of the allowance for credit losses.
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Our unrestricted U.S. cash balance was $99 million as of May 22nd, compared to $110 million as of April 30th.
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We amended four of our U.S. warehouse facilities. These amendments mitigate the effect of COVID-19 impacted loans on borrowing base requirements and portfolio performance tests for a specified period, which ends, depending on the facility, between July 16, 2020 and August 31, 2020, and reduce facility advance rates. See previous SEC filings for a full description of our U.S. warehouse facility amendments.
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We are working with our corporate line and international facility lenders to evaluate options and/or amend the terms of those agreements in response to COVID-19 impacts. Our securitizations are now in accelerated amortization.
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Our corporate line remains fully drawn and we currently have capacity to fund new originations in our Prime OnDeck Receivable Trust II and OnDeck Account Receivables Trust 2013-I warehouse facilities. We expect our other U.S. warehouse facilities to become available for new financings within the next two months and they will remain available subject to the maintenance of an adequate borrowing base.
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We remain committed to helping our small business customers manage through this crisis. We are participating in the SBA’s Paycheck Protection Program (PPP) through partnerships with experienced SBA lender banks.
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We surveyed OnDeck customers at the end of April and received approximately 1,700 responses. Of the responses received, only 15% of our customers stated they received a PPP loan during the first round of program funding while 72% of our customers stated they were planning to apply for a PPP loan in the second round of funding.
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In May, we continued to fund line of credit draws for certain existing customers, and our international businesses are also originating small volumes of new loans.
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We are adapting our credit decisioning model and pricing strategies to reflect changes in borrower behavior and the macro environment.
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We plan to recommence limited U.S. originations of new term loans and lines of credit in June, focused on current or past customers with strong performance histories and in desirable geographies and industries.
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Item 9.01
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Financial Statements and Exhibits.
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Exhibit No.
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Description
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Date: May 28, 2020
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On Deck Capital, Inc.
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/s/ Kenneth A. Brause
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Kenneth A. Brause
Chief Financial Officer
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1 Year On Deck Capital Chart |
1 Month On Deck Capital Chart |
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