CHICAGO, Oct. 10, 2019 /PRNewswire/ -- Enova International
(NYSE: ENVA), a leading financial technology and analytics company
offering consumer and small business loans and financing, today
announced that it has priced $200
million initial principal amount of Fixed Rate Asset-Backed
Notes (the "Notes") in a private securitization transaction backed
by NetCredit installment loans. The Notes, which include
$138.8 million of Class A notes,
$44.5 million of Class B notes and
$16.7 million of Class C notes, were
priced with a weighted average fixed interest rate of 5.61% per
annum. All of the Notes have a legal final payment date of
June 22, 2026. Enova's second term
asset-backed securitization will provide additional flexible
funding to meet strong demand for NetCredit installment loans.
![Enova International Logo (PRNewsFoto/Enova International, Inc.) Enova International Logo (PRNewsFoto/Enova International, Inc.)](https://mma.prnewswire.com/media/173006/enova_international_logo.jpg)
"NetCredit launched in 2012 to provide longer-term unsecured
installment loans to near prime customers and is one of Enova's
fastest growing product segments, making up 46% of total
outstanding loans as of June 30,
2019," said Enova's CEO David
Fisher. "This latest securitization enhances Enova's cost of
funds, liquidity and capacity to fund NetCredit loan originations,
and further demonstrates our ability to successfully access the
capital markets and diversify funding sources."
Jefferies LLC acted as the sole bookrunner for the transaction,
which is scheduled to close on October 17,
2019, and is subject to customary closing conditions.
"This transaction saw significant investor demand and high
levels of oversubscription as we built upon the success of our
inaugural term NetCredit securitization last October as well as the
solid credit performance of our NetCredit business," said Enova's
CFO Steve Cunningham. "As a result,
we improved our advance rate, pricing and investor diversification
while demonstrating our ability to develop a scalable, repeatable
and efficient securitization platform at Enova."
The Notes will not be registered under the Securities Act of
1933, as amended (the "Securities Act"), or any state
securities laws, and may not be offered or sold in the United States absent registration or an
applicable exemption from, or a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws. The Notes were offered and are only being
sold to qualified institutional buyers under Rule 144A under the
Securities Act and to persons outside the
United States pursuant to Regulation S under the Securities
Act.
This press release is not an offer to sell, nor a solicitation
of an offer to buy, any securities, nor shall there be any sale of
these securities in any state or jurisdiction in which the offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such state or
jurisdiction.
About Enova
Enova (NYSE: ENVA) is a leading provider
of online financial services to non-prime consumers and small
businesses, providing access to credit powered by its advanced
analytics, innovative technology, and world-class online platform
and services. Enova has provided more than 5 million customers
around the globe with access to more than $20 billion in loans and financing. The financial
technology company has a portfolio of trusted brands serving
consumers, including CashNetUSA®, NetCredit®,
On Stride Financial®, QuickQuid® and
Simplic®; two brands serving small businesses, Headway
Capital® and The Business Backer®; and offers
online lending platform services to lenders. Through its Enova
Decisions™ brand, it also delivers on-demand decision-making
technology and real-time predictive analytics services to clients.
You can learn more about the company and its brands at
www.enova.com.
Cautionary Statement Concerning Forward Looking
Statements
This release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 about the business, financial condition and prospects of
Enova. These forward-looking statements give current expectations
or forecasts of future events and reflect the views and assumptions
of Enova's senior management with respect to the business,
financial condition and prospects of Enova as of the date of this
release and are not guarantees of future performance. The actual
results of Enova could differ materially from those indicated by
such forward-looking statements because of various risks and
uncertainties applicable to Enova's business, including, without
limitation, those risks and uncertainties indicated in Enova's
filings with the Securities and Exchange Commission ("SEC"),
including our annual report on Form 10-K, quarterly reports on
Forms 10-Q and current reports on Forms 8-K. These risks and
uncertainties are beyond the ability of Enova to control, and, in
many cases, Enova cannot predict all of the risks and uncertainties
that could cause its actual results to differ materially from those
indicated by the forward-looking statements. When used in this
release, the words "believes," "estimates," "plans," "expects,"
"anticipates" and similar expressions or variations as they relate
to Enova or its management are intended to identify forward-looking
statements. Enova cautions you not to put undue reliance on these
statements. Enova disclaims any intention or obligation to update
or revise any forward-looking statements after the date of this
release.
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SOURCE Enova International, Inc.