Debt

The following table summarizes our outstanding debt as of December 31, 2018 and December 31, 2017 (in thousands):



				Outstanding
	Type	Maturity Date		Weighted Average Interest Rate at December 31, 2018	December 31, 2018			December 31, 2017
Debt:
ODAST II Series 2018-1	Securitization	April 2022	⁽¹⁾	3.8%	$	225,000		$	—
ODAST II Series 2016-1	Securitization	May 2020	⁽²⁾	N/A	—			250,000
ODART	Revolving	March 2019		5.1%	117,664			102,058
RAOD	Revolving	September 2021	⁽³⁾	4.7%	113,631			86,478
ODAC	Revolving	May 2019	⁽⁴⁾	N/A	—			62,350
ODAF	Revolving	February 2020	⁽⁴⁾	N/A	—			75,000
ODAF II	Revolving	August 2022	⁽⁵⁾	5.3%	109,568			—
PORT II	Revolving	March 2019		5.0%	108,816			63,851
LAOD	Revolving	October 2022	⁽⁶⁾	4.3%	100,000			—
Corporate Debt	Revolving	January 2019	⁽⁷⁾	6.8%	—			8,000
Other Agreements	Various	Various	⁽⁸⁾	6.0%	47,318			50,706
				4.7%	821,997			698,443
Deferred debt issuance cost					(5,766		)	(6,189		)
Total Debt					$	816,231		$	692,254


⁽¹⁾	The period during which new borrowings may be made under this debt facility expires in March 2020.


⁽²⁾	In April 2018, we issued $225 million of debt in a new ODAST II securitization transaction (Series 2018-1) and the net proceeds were used, together with other available funds, to voluntarily prepay in full all $250 million of the prior Series 2016-1 Notes.


⁽³⁾	The period during which new borrowings of Class A revolving loans may be made under this debt facility expires in December 2020.

The $19.7 million of Class B borrowing capacity matures in December 2019.


⁽⁴⁾	This debt facility was voluntarily repaid in full and terminated in August 2018.


⁽⁵⁾	The period during which new borrowings may be made under this debt facility expires in August 2021.


⁽⁶⁾	The period during which new borrowings may be made under this debt facility expires in April 2022.

⁽⁷⁾

In January 2019, we voluntarily prepaid in full and terminated the Square 1 Agreement which had a $30 million borrowing capacity. In January 2019 we established a new revolving debt facility with a commitment amount of $85 million and an interest rate of 1-month LIBOR plus 3.0% and a final maturity date of January 2021, see Note 15, "Subsequent Events" of Notes to Consolidated Financial Statements for additional information.


⁽⁸⁾	Maturity dates range from January 2020 through June 2021.

Certain of our loans held for investment are pledged as collateral for borrowings in our funding debt facilities. These loans totaled $1.0 billion and $852.3 million as of December 31, 2018 and 2017, respectively. Our corporate debt facility is collateralized by substantially all of our assets.

During the three years ended December 31, 2018, the following significant activity took place related to our debt facilities:

RAOD Agreement

On February 26, 2016, the RAOD Agreement was amended to increase the borrowing capacity from $50 million to $100 million. On May 25, 2017, we renewed the RAOD facility with amended terms which provided for an extension of the revolving commitment period from May 2017 to November 2018; a decrease in the interest rate to LIBOR plus 2.5% from LIBOR plus 3.0%; and various technical, definitional, conforming and other changes. On December 15, 2017, we renewed the RAOD facility with amended terms which provided for the addition of a Class B revolving loan commitment of $19.7 million. On November 19, 2018, the RAOD Agreement was amended to extend the revolving commitment period to December 31, 2018. On December 17, 2018, we again renewed the RAOD facility with amended terms which provided for an extension of the revolving commitment period to December 17, 2020; an extension of the maturity in respect of the $100 million Class A revolving loans to no later than September 17, 2021; an extension of the maturity in respect of the $19.7 million Class B revolving loans to December 17, 2019; a decrease in the weighted average variable interest rate to 1 month LIBOR plus 2.45%; and various technical, definitional, conforming and other changes.

ODAC Agreement

On April 28, 2016, we amended the ODAC Agreement to increase the revolving commitment from an aggregate amount of $50 million to $75 million, increase the interest rate from LIBOR plus 8.25% to LIBOR plus 9.25%, increase in the borrowing base advance rate from 70% to 75% and make certain other related changes. On May 4, 2017, we renewed the ODAC facility with amended terms, which provided for an increase in the revolving commitments from $75 million to $100 million and an extension of the revolving commitment period from May 2017 to May 2019. The interest rate decreased to LIBOR (minimum of 0.75%) + 7.25% from LIBOR (minimum of 0.0%) + 9.25% and the advance rate increased from 75% to 85%. On August 8, 2018, our wholly-owned subsidiary, On Deck Asset Company, LLC, optionally prepaid in full and terminated the ODAC Agreement.

ODAST II Agreement

On May 17, 2016, we, through a wholly-owned subsidiary, OnDeck Asset Securitization Trust II LLC, or ODAST II, entered into a $250 million asset-backed securitization facility with Deutsche Bank Trust Company Americas, as indenture trustee. The notes under the facility were issued in two classes; Class A in the amount of $211.5 million and Class B in the amount of $38.5 million (collectively, the “2016-1 Notes”). The Class A and Class B notes bear interest at a fixed rate of 4.21% and 7.63%, respectively. Interest only payments began in June 2016 and were payable monthly through May 2018. Beginning June 2018, monthly payments would have consisted of both principal and interest with a final maturity of May 2020. Concurrent with the closing of the ODAST II 2016-1 Notes securitization, we voluntarily prepaid in full $175 million of funding debt outstanding from our prior asset-backed securitization transaction, or the ODAST Agreement.

On April 17, 2018, ODAST II issued $225 million in initial principal amount of fixed-rate asset backed offered notes in a securitization transaction (the “Offered 2018-1 Notes”) and concurrent with such issuance, ODAST II voluntarily prepaid in full the 2016-1 Notes. The notes were issued in four classes. The Offered 2018-1 Notes were issued in four classes; Class A in the amount of $177.5 million, Class B in the amount of $15.5 million, Class C in the amount of $20.0 million and Class D in the amount of $12.0 million. The Offered 2018-1 Notes bear interest at a fixed rate of 3.50%, 4.02%, 4.52% and 5.85% for the Class A, Class B, Class C and Class D, respectively. Interest only payments began in May 2018 and are payable monthly through April 2020. Beginning May 2020, monthly payments will consist of both principal and interest with a final maturity of April 2022.

ODART Agreement

On June 17, 2016 an amendment was made to the ODART Agreement, to reintroduce Class B revolving loans from the Class B Revolving Lender resulting in additional funding capacity of $12.4 million, thereby increasing the total revolving commitment from $150 million to $162.4 million, establishing a Class B interest rate equal to LIBOR plus 8%, a borrowing base advance rate for the Class B revolving loans of 92% and make certain other changes.

On March 20, 2017, we entered into an amendment and restatement of the ODART Agreement which provided for a $50 million increase in the maximum amount of the Class A revolving loans and an increase up to $1.8 million in the maximum amount of the Class B revolving loans, thereby increasing the total facility size up to $214.1 million, an extension of the revolving commitment period during which ODART may utilize funding capacity under the Deutsche Bank Facility to March 20, 2019, a borrowing base advance rate for the Class A revolving loans of 85% and a borrowing base advance rate for the Class B revolving loans of 91%; and various technical, definitional, conforming and other changes. Subsequent to December 31, 2018, we entered into an amendment to the ODART Agreement to convert the $14.1 million of Class B revolving loans from uncommitted loans to committed loans.

ODAF Agreement

On August 19, 2016, we, through a wholly-owned subsidiary, entered into a $100 million asset-backed revolving debt facility, or the ODAF Agreement with an interest of LIBOR plus 7.25%, a borrowing base advance rate of up to 80% and a maturity date in August 2019. On February 14, 2017, we entered into an amendment of the ODAF I Agreement which provided for an increase in the Lenders' revolving commitment from an aggregate amount of $100 million to $150 million, the extension of the revolving commitment termination date by approximately six months to February 14, 2019, and various technical, definitional, conforming and other changes. On August 14, 2018, our wholly-owned subsidiary, OnDeck Asset Funding I LLC, voluntarily prepaid in full and terminated the ODAF Agreement.

ODAF II Agreement

On August 8, 2018, our wholly-owned subsidiary, OnDeck Asset Funding II LLC, established a new asset-backed revolving debt facility with a commitment amount of $175 million, a borrowing base advance rate of up to 87.5% and an interest rate of 1-month LIBOR +3.0%. The period during which new borrowings may be made under this facility expires on August 6, 2021 and the final maturity date is August 8, 2022. Concurrent with closing this facility, the Company optionally prepaid in full and terminated the ODAC Facility.

PORT II Agreement

On December 8, 2016, we, through a wholly-owned subsidiary, entered into a $200 million (consisting of $125 million Class A commitments, with the Class A Lenders having the ability to, in their sole discretion and on an uncommitted basis, make additional Class A loans of up to $75 million) asset-backed revolving debt facility, or the PORT II Agreement. The commitment bears interest at a specified base rate, generally the daily CP rate, plus 2.25% (Class A), has a borrowing base advance rate of 83% and matures in December 2018. Concurrent with the closing of the PORT II revolving debt facility, we voluntarily prepaid in full funding debt outstanding from another asset-backed revolving debt facility, the previous PORT Agreement. On November 19, 2018 we amended the PORT II Agreement to extend the revolving commitment period to March 8, 2019.

LAOD Agreement

On April 13, 2018, our wholly-owned subsidiary, Loan Assets of OnDeck, LLC, established a new asset-backed revolving debt facility with a commitment amount of $100 million, a borrowing base advance rate of 84.5% and an interest rate of 1-month LIBOR +2.0%. The period during which new borrowings may be made under this facility expires on April 13, 2022 and the final maturity date is October 13, 2022. On February 8, 2019, we entered into an amendment which increased the revolving commitment amount by $50 million and reduced the interest rate margin over 1 Month LIBOR by 0.25%, as well as made various technical, definitional, conforming and other changes. See Note 15, "Subsequent Events" of Notes to Consolidated Financial Statements for additional information.

Square 1 Agreement

In November 2016 we amended the Square 1 Agreement to increase the revolving commitment from an aggregate amount of $20 million to $30 million while also extending the maturity from October 2016 to October 2018. On October 4, 2018, we further amended the Square 1 Agreement to extend the maturity date of the facility to January 2019 and make various technical, definitional, conforming and other changes. In January 2019, we voluntarily prepaid in full and terminated the Square 1 Agreement. In January 2019 we established a new revolving debt facility with a commitment amount of $85 million and an interest rate of 1-month LIBOR plus 3.0%, see Note 15, "Subsequent Events" of Notes to Consolidated Financial Statements for additional information.

As of December 31, 2018, future maturities of our outstanding debt were as follows (in thousands):



2019	$	243,730
2020	108,760
2021	221,259
2022	248,248
Thereafter	—
Total	$	821,997