Enova International Enters Material Definitive Agreement
Ticker: ENVA · Form: 8-K · Filed: Jun 27, 2024 · CIK: 1529864
| Field | Detail |
|---|---|
| Company | Enova International, Inc. (ENVA) |
| Form Type | 8-K |
| Filed Date | Jun 27, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $338,000,000, $82,000,000, $420,000,000 B |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement, financial-obligation
TL;DR
Enova International just signed a big deal, expect financial moves.
AI Summary
On June 27, 2024, Enova International, Inc. entered into a material definitive agreement related to a direct financial obligation. The company, headquartered at 175 West Jackson Boulevard, Chicago, IL, filed an 8-K report detailing this event.
Why It Matters
This filing indicates a significant new financial commitment or obligation for Enova International, Inc., which could impact its financial structure and future operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements can introduce new financial risks or opportunities that require careful evaluation.
Key Players & Entities
- Enova International, Inc. (company) — Registrant
- June 27, 2024 (date) — Date of earliest event reported
- 175 West Jackson Boulevard, Chicago, IL 60604 (address) — Principal Executive Offices
FAQ
What type of material definitive agreement did Enova International, Inc. enter into?
The filing indicates the entry into a material definitive agreement that constitutes the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement of a registrant.
When was this agreement reported?
The report was filed as of June 27, 2024, and the date of the earliest event reported is also June 27, 2024.
What is Enova International, Inc.'s principal executive office address?
Enova International, Inc.'s principal executive offices are located at 175 West Jackson Boulevard, Suite 600, Chicago, Illinois 60604.
What is Enova International, Inc.'s telephone number?
Enova International, Inc.'s telephone number, including area code, is 312-568-4200.
Under which section of the Securities Exchange Act of 1934 is this Form 8-K filed?
This Form 8-K is filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Filing Stats: 608 words · 2 min read · ~2 pages · Grade level 12.8 · Accepted 2024-06-27 16:05:11
Key Financial Figures
- $338,000,000 — Total Facility Commitment Amount $338,000,000 $82,000,000 $420,000,000 Borrowin
- $82,000,000 — ty Commitment Amount $338,000,000 $82,000,000 $420,000,000 Borrowing Rate CP Ra
- $420,000,000 B — t Amount $338,000,000 $82,000,000 $420,000,000 Borrowing Rate CP Rate + 2.60% SOFR +
Filing Documents
- enva-20240627.htm (8-K) — 45KB
- 0000950170-24-078432.txt ( ) — 153KB
- enva-20240627.xsd (EX-101.SCH) — 23KB
- enva-20240627_htm.xml (XML) — 4KB
01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT ODR 2022 Securitization Facility On June 27, 2024, OnDeck Receivables 2022, LLC (" ODR 2022 "), a wholly-owned indirect subsidiary of Enova International, Inc. (the " Company "), amended its existing revolving receivables facility (the " ODR 2022 Securitization Facility ") by entering into that certain Omnibus Amendment - Amendment No. 2 to Credit Agreement, Amendment to Backup Servicing Agreement and Reaffirmation of Performance Guaranty (the " Omnibus Amendment ") with the lenders party thereto from time to time, BMO Capital Markets Corp., as administrative agent and collateral agent, ODK Capital, LLC, as servicer, Vervent Inc., as backup servicer, and the Company, as performance guarantor. The following table summarizes certain key terms of the amended ODR 2022 Securitization Facility: Class A Revolving Loans Class B Revolving Loans Total Facility Commitment Amount $338,000,000 $82,000,000 $420,000,000 Borrowing Rate CP Rate + 2.60% SOFR + 7.50% CP/SOFR + 3.55% Borrowing Base Advance Rate 72.5% 90.0% 90.0% Revolving Period End Date June 2026 June 2026 June 2026 Maturity Date June 2027 June 2027 June 2027 The foregoing description of the Omnibus Amendment does not purport to be complete and is qualified in its entirety by reference to the Credit Agreement, as amended by the Omnibus Amendment, which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ending June 30, 2024. ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT The information provided in Item 1.01 above is incorporated herein by reference.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Enova International, Inc. Date: June 27, 2024 By: /s/ Sean Rahilly Sean Rahilly General Counsel & Secretary