Enova Completes $500M Asset-Backed Securitization of Small Business Loans

Enova International, through its indirect subsidiary OnDeck Asset Securitization IV (ODAS IV), completed a securitization transaction by issuing approximately $500 million in asset-backed notes. The proceeds from the sale will be used to purchase a portfolio of small business loans originated by its OnDeck subsidiary, providing liquidity for general corporate purposes.

Key Details

• Transaction Size: The issuance consists of $500,026,000 in Fixed Rate Asset Backed Notes (Series 2026-1 Notes).
• Financial Terms: The notes were issued in four classes with a weighted average fixed interest coupon of 6.22% per annum and a final maturity date of October 2032.
• Collateral: The notes are secured by a revolving portfolio of small business loans valued at approximately $526 million at the time of issuance.