Enova Increases Credit Facility to $300M and Prices $301M Asset-Backed Note Offering

Enova International announced two significant financing events to enhance its capital structure and liquidity. The company amended and upsized its NC LOC 2024 credit facility on more favorable terms and priced a new $300.9 million securitization deal backed by a pool of consumer installment loans.

Key Details

• Credit Facility Amendment: The NC LOC 2024 revolving commitment was increased by $100 million to a total of $300 million. The facility's maturity date was extended by two years to February 21, 2030, and the borrowing rate was reduced from SOFR + 5.50% to SOFR + 5.00%.
• Asset-Backed Note Offering: Priced a $300.9 million offering of notes ("2026-A Notes") across three classes with interest rates ranging from 5.88% to 10.64%. The offering is backed by a pool of unsecured consumer installment loans.
• Timeline & Proceeds: The note offering is expected to close on or about August 21, 2026. Net proceeds will be used to acquire the securitization receivables from Enova subsidiaries, fund a reserve account, and pay related expenses.