Enova proposes $299.5M asset-backed notes offering; provides loan performance data

Enova International, Inc.

Proposed $299.5M Series 2024-1 Fixed Rate Asset-Backed Notes by OnDeck Asset Securitization IV.
Collateral: revolving pool of small business loans originated by OnDeck; notes not guaranteed by Enova.
Term loan 1-14 missed payment delinquency at 2.13% as of Feb 2024 vs 3.20% at Dec 2023.
2022 vintage term loans cumulative net charge-offs at 24 months: 7.35% overall, 17.04% for OnDeck Score <470.
Proceeds used to purchase loans from OnDeck; Enova to use received funds for general corporate purposes.

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