Enova closes $399.6M ABS notes (Series 2024-1) at 6.84% weighted avg coupon

Enova International, Inc.

Three classes issued: $260.1M Class A (6.27%), $82.2M Class B (7.15%), $57.3M Class C (8.99%).
Proceeds used to purchase small business loans from subsidiary OnDeck; collateral pool ~$440M.
Notes are non-recourse to Enova, bankruptcy-remote structure; rated by Kroll Bond Rating Agency.
Revolving period ends May 2027; optional prepayment begins June 2026; final maturity July 2031.
Performance covenants include delinquency rate, weighted average loan yield, and excess spread minimums.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Enova International, Inc. entered into Series 2024-1 Indenture Supplement with Deutsche Bank Trust Company Americas valued at $399,574,000 initial principal amount (effective 2024-05-17).

Action: entry
Agreement: notes offering
Counterparty: Deutsche Bank Trust Company Americas
Value: $399,574,000 initial principal amount
Effective: 2024-05-17

Exact text from the filing

On May 17, 2024, OnDeck Asset Securitization IV, LLC (“ ODAS IV ”), a wholly-owned indirect subsidiary of Enova International, Inc. (the “ Company ”), issued $399,574,000 initial principal amount of Fixed-Rate Asset Backed Notes (the “ Series 2024-1 Notes ”) in a securitization transaction (the “ Series 2024-1 Transaction ” and such series, the “ 2024-1 Series ” ).

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Enova International, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-141856

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