Debt

The following table summarizes our outstanding debt as of December 31, 2019 and December 31, 2018 (in thousands):



				Outstanding
	Type	Maturity Date		Weighted Average Interest Rate at December 31, 2019	December 31, 2019			December 31, 2018
Debt:
OnDeck Asset Securitization Trust II LLC 2018-1	Securitization	April 2022	⁽¹⁾	3.8%	$	225,000		$	225,000
OnDeck Asset Securitization Trust II LLC 2019-1	Securitization	November 2024	⁽²⁾	3.0%	125,000			—
OnDeck Account Receivables Trust 2013-1	Revolving	March 2022	⁽³⁾	3.4%	129,512			117,664
Receivable Assets of OnDeck, LLC	Revolving	September 2021	⁽⁴⁾	3.3%	94,099			113,631
OnDeck Asset Funding II LLC	Revolving	August 2022	⁽⁵⁾	4.7%	123,840			109,568
Prime OnDeck Receivable Trust II	Revolving	March 2022	⁽⁶⁾	3.8%	—			108,816
Loan Assets of OnDeck, LLC	Revolving	October 2022	⁽⁷⁾	3.4%	120,665			100,000
Corporate line of credit	Revolving	January 2021	⁽⁸⁾	4.7%	40,000			—
International and other agreements	Various	Various	⁽⁹⁾	4.9%	64,585			47,318
				3.8%	922,701			821,997
Deferred debt issuance cost					(7,706		)	(5,766		)
Total Debt					$	914,995		$	816,231


⁽¹⁾	The period during which new loans may be purchased under this securitization transaction expires in March 2020.


⁽²⁾	The period during which new loans may be purchased under this securitization transaction expires in October 2021.


⁽³⁾	The period during which new borrowings may be made under this facility expires in March 2021.


⁽⁴⁾	The period during which new borrowings of Class A revolving loans may be made under this debt facility expires in December 2020.


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


⁽⁶⁾	The period during which new borrowings may be made under this facility expires in March 2021.


⁽⁷⁾	The period during which new borrowings may be made under this debt facility expires in April 2022.


⁽⁸⁾	On July 19, 2019, the Company entered into an agreement which increased the commitment under its corporate revolving debt facility by $20 million. See Note 8 of Notes to Consolidated Financial Statements.


⁽⁹⁾	Other Agreements include, among others, our local currency debt facilities in Australia and Canada. The periods during which new borrowings may be made under the various agreements expire between January 2020 and June 2021. Maturity dates range from January 2020 through December 2022.

Certain of our loans are transferred to our special purpose vehicle subsidiaries and are pledged as collateral for borrowings in our funding debt facilities and for the issuance in our securitization. These loans totaled $1.1 billion and $1.0 billion as of December 31, 2019 and December 31, 2018, respectively. Our corporate debt facility includes a blanket lien on substantially all of our assets.

During the three years ended December 31, 2019, the following significant activity took place related to our debt facilities:

RAOD Agreement

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. On December 13, 2019, we optionally prepaid and terminated the Class B revolving commitment of the RAOD facility in full.

ODAC Agreement

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%) plus 7.25% from LIBOR (minimum of 0.0%) plus 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 facility.

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 had a fixed interest of 4.21% and 7.63%, respectively. Interest only payments would have begun in June 2016 and would have been 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.

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 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.

On November 15, 2019, ODAST II issued $125 million in initial principal amount of fixed-rate asset backed offered notes in a securitization transaction (the “Series 2019-1 Notes”). The notes were issued in five classes with a weighted average fixed interest rate of 3.04%. The revolving period expires on October 31, 2021 and the final maturity date is November 2024. The net proceeds of this transaction were used to purchase small business loans from the Company that were pledged as collateral for the Series 2019-1 Notes. The Company used substantially all the proceeds from ODAST II to purchase such small business loans from certain of its subsidiaries, including PORT II (defined below). PORT II has applied such proceeds to repay previously drawn revolving balances under the PORT II Facility described below. Amounts repaid under that facility may be re-borrowed in accordance with its terms.

ODART Agreement

On March 20, 2017, we entered into an amendment and restatement of the ODART facility 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 OnDeck Account Receivables Trust 2013-1 (“ODART”) may utilize funding capacity under ODART 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 facility to convert the $14.1 million of Class B revolving loans from uncommitted loans to committed loans.

On March 12, 2019, we amended the ODART facility to a commitment amount of $180 million, a borrowing rate of 1-month LIBOR plus 1.75%, a borrowing base advance rate of 80%, and made various technical, definitional, conforming and other changes. Additionally, the period during which new borrowings may be made under this facility was extended to March 2021and the final maturity date was extended to March 2022.

ODAF Agreement

On February 14, 2017, we entered into an amendment of the ODAF I facility 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, ODAF I voluntarily prepaid in full and terminated the ODAF facility.

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 plus 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 November 19, 2018 we amended the PORT II facility to extend the revolving commitment period to March 8, 2019. On March 12, 2019, we amended the PORT II facility to increase the borrowing capacity from $125 million to $180 million, amend the borrowing rate to the CP Conduit Rate plus 1.75%, amend the borrowing base advance rate to 80%, and made various technical, definitional, conforming and other changes. Additionally, the period during which new borrowings may be made under this facility was extended to March 2021 and the final maturity date was extended to March 2022.

On November 15, 2019, PORT II amended its asset-backed revolving debt facility to reduce the revolving commitment of the PORT Facility from $180.0 million to $75 million. The amendment did not alter or modify the Company's option to prepay without premium, penalty or additional fee.

LAOD Agreement

On April 13, 2018, our wholly-owned subsidiary, Loan Assets of OnDeck, LLC, or LAOD, 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 plus 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.

Square 1 Agreement

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.

Corporate Revolving Debt Facility

On January 28, 2019, we established a new corporate revolving debt facility with a commitment amount of $85 million, an interest rate of 1-month LIBOR plus 3% and a final maturity date in January 2021.The facility may be used for working capital and other general corporate purposes. Concurrently with closing this facility, we optionally prepaid in full and terminated our corporate revolving debt facility with Pacific Western Bank (successor by merger to Square 1 Bank).

On July 19, 2019, we added a new lender to our corporate revolving debt facility and increased the commitment under the facility by $20 million to an aggregate commitment amount of $105 million. Neither the facility's interest rate of 1-month LIBOR plus 3.0% nor the final maturity date in January 2021 changed.

Australia Credit Suisse Facility

On July 2, 2019, we amended our Australian debt facility. The commitment increased from AUD $75 million to AUD $150 million. The period during which new borrowings may be made under this facility expires in June 2021 and the final maturity is in December 2021.

Canadian Mezzanine Debt

On October 1, 2019, we fully paid down the Canadian mezzanine debt of CAD $20 million which had a 12% interest rate.

As of December 31, 2019, future maturities of our outstanding debt were as follows (in thousands):



2020	$	12,630
2021	186,054
2022	599,017
2023	—
Thereafter	125,000
Total	$	922,701