Enova International, Inc. announced a proposed private offering of approximately $500 million in asset-backed notes. The offering will be conducted by its wholly-owned indirect subsidiary, OnDeck Asset Securitization IV, LLC. The notes will be collateralized by a revolving pool of small business loans originated or purchased by another subsidiary, ODK Capital, LLC (OnDeck). The company will use the proceeds for general corporate purposes.

Key Details

  • Offering: Proposed private offering of $500,026,000 in aggregate principal amount of Series 2026-1 Fixed Rate Asset-Backed Notes.
  • Issuer & Collateral: The notes will be issued by OnDeck Asset Securitization IV, LLC and backed by a revolving pool of small business loans from OnDeck.
  • Use of Proceeds: The issuer will use the net proceeds to purchase the collateralizing small business loans from OnDeck, and Enova will then use those funds for general corporate purposes.
  • Placement: The notes are being offered only to qualified institutional buyers under Rule 144A and to persons outside the United States pursuant to Regulation S.