Enova International, Inc. announced a proposed private offering of $600 million in senior notes due 2031. The company plans to use the net proceeds to redeem all of its outstanding high-interest 11.25% senior notes due 2028, representing a strategic debt refinancing.
Key Details
- New Offering: The company intends to offer up to $600 million in aggregate principal amount of senior notes due 2031.
- Debt Redemption: Proceeds will be used for a conditional full redemption of all outstanding 11.25% Senior Notes due 2028, which have an aggregate principal amount of approximately $400 million.
- Redemption Terms: The redemption of the 2028 notes is scheduled for December 15, 2026, at a price of 102.813% of the principal amount, plus accrued interest. The redemption is contingent on the successful closing of the new notes offering.
- Use of Proceeds: Any remaining funds after the redemption and related fees will be used to repay borrowings under the company's revolving credit facility.