CHICAGO, Jan. 15, 2016 /PRNewswire/ -- Enova
International (NYSE: ENVA), a leading technology and
analytics-driven online lender, today announced it has entered into
a $175 million financing facility for
its NetCredit installment loan portfolio. The facility includes an
initial draw of $107 million, which
is secured by $127 million in
unsecured consumer loans, and a $20
million revolving note for warehousing new and seasoned
loans for a period of time. The new facility significantly
enhances the company's liquidity and capacity for NetCredit loan
originations.
![Enova International, Inc. (ENVA), a leading online lending company, today announced financial results for the quarter and year ended December 31, 2014. Enova International, Inc. (ENVA), a leading online lending company, today announced financial results for the quarter and year ended December 31, 2014.](http://photos.prnewswire.com/prnvar/20150202/173006LOGO)
This marks Enova's first asset-backed securitization and is a
significant growth milestone for the company. Jefferies LLC led the
unrated transaction with a group of noteholders. Enova, which has
originated more than $16.7 billion in
loans to date, continues to successfully bring its online lending
platform to new markets, providing both consumers and small
businesses with innovative financing choices. The company launched
its NetCredit business in 2012 to provide longer-term unsecured
installment loans to near-prime customers. The business has seen
significant customer demand, and this securitization will provide
Enova with a flexible funding source.
"It's an exciting time at Enova as we continue to use our
leading technology platform and best-in-class analytics to drive
growth," said Enova's CEO David
Fisher. "We're advancing our strategy to diversify our
product mix, and this securitization gives us a cost-efficient
mechanism to access the capital we need to meet the strong demand
we're seeing in these new products. We have an excellent partner in
Jefferies, and we're pleased we've been able to demonstrate the
quality of our portfolio through this process."
"We are pleased to support our client Enova with an attractive
financing solution for its growing NetCredit portfolio. We
appreciate the response of our investor clients to this investment
opportunity," said Michael Wade, Head of ABS Capital Markets
at Jefferies.
About Enova
Enova is a leading provider of online financial services to the
large and growing number of customers who use alternative financial
services because of their limited access to more traditional
credit. Enova offers or arranges loans for consumers and/or
financing for small businesses in all 50 states and Washington
D.C. in the United States and in five foreign
countries:
- in the United States at
https://www.netcredit.com, https://www.cashnetusa.com,
https://www.headwaycapital.com and http://www.businessbacker.com,
- in the United
Kingdom at https://www.quickquid.co.uk,
https://www.poundstopocket.co.uk and https://www.onstride.co.uk,
-
in Australia at https://www.dollarsdirect.com.au,
- in Canada at https://www.dollarsdirect.ca,
-
in Brazil at https://www.simplic.com.br, and
- in China at https://www.youxinyi.cn.
Enova, through its trusted brands, uses its proprietary
technology, analytics, and customer service capabilities to quickly
evaluate, underwrite, and fund loans or provide financing to
customers when and how they want it. Headquartered in Chicago,
Enova has more than 1,100 employees serving its online
customers across the globe.
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SOURCE Enova International, Inc.