Enova International announced that its indirect subsidiary, OnDeck Asset Securitization IV, LLC, intends to offer $500,251,000 in Fixed Rate Asset-Backed Notes in a private securitization transaction. The offering is collateralized by a revolving pool of small business loans originated by its OnDeck subsidiary.

Key Details

  • Offering Size & Structure: A total of $500,251,000 in Series 2026-2 notes across four classes (A, B, C, D) with fixed interest rates ranging from 5.81% to 8.57%.
  • Credit Ratings: The notes are expected to receive ratings from Kroll Bond Rating Agency (KBRA) ranging from AA (sf) for the Class A notes to BB- (sf) for the Class D notes.
  • Timeline & Terms: The transaction is anticipated to close on or about November 13, 2026. The notes have a legal final payment date of December 19, 2033.
  • Use of Proceeds: The net proceeds will be used to purchase the small business loan collateral from OnDeck and to fund a reserve account. The notes are not guaranteed by Enova International, Inc.