Enova subsidiary to offer $261.4M in asset-backed notes (Series 2025-1)

Enova International, Inc.

OnDeck Asset Securitization IV, LLC plans to issue $261,392,000 in Series 2025-1 Fixed Rate Asset-Backed Notes.
Notes split into four tranches: Class A ($126.8M, 5.08%), B ($57.8M, 5.52%), C ($45.5M, 6.64%), D ($31.2M, 8.77%).
Expected KBRA ratings: AA(sf) for Class A, A-(sf) for B, BBB-(sf) for C, BB(sf) for D.
Closing expected on or about March 20, 2025; notes legal final payment April 19, 2032.
Proceeds will fund purchase of small business loans from OnDeck and a reserve account; notes not guaranteed by Enova.

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