Enova International Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
RAOD Securitization Facility
On November 18, 2024, Receivable Assets of OnDeck, LLC (“RAOD”), On Deck Capital, Inc., and ODK Capital, LLC, each a wholly-owned indirect subsidiary of Enova International, Inc. (the “Company”), amended RAOD’s existing asset-backed revolving debt facility (the “RAOD Securitization Facility”) by entering into Amendment No. 10 to Fourth Amended and Restated Credit Agreement and Omnibus Amendment (the “Tenth Amendment”) with Vervent Inc. (f/k/a Portfolio Financial Servicing Company), as backup servicer, the lenders party thereto from time to time, Computershare Trust Company, National Association (as successor to Wells Fargo Bank, N.A.), as custodian and collateral agent, and Truist Bank, as administrative agent.
The following table summarizes certain key terms of the amended RAOD Securitization Facility:
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Class A Revolving Loans |
Class B Revolving Loans |
Total Facility |
Commitment Amount |
$200,000,000 |
$36,842,105.26 |
$236,842,105.26 |
Borrowing Rate |
SOFR + 1.85% |
SOFR + 7.60% |
SOFR + 2.74% |
Borrowing Base Advance Rate |
76% |
90.0% |
90.0% |
Revolving Period End Date |
November 2026 |
November 2026 |
November 2026 |
Maturity Date |
November 2027 |
November 2027 |
November 2027 |
The foregoing description of the Tenth Amendment does not purport to be complete and is qualified in its entirety by reference to the Fourth Amended and Restated Credit Agreement, as previously amended and as amended by the Tenth Amendment, which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ending December 31, 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
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.
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Enova International, Inc. |
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Date: |
November 18, 2024 |
By: |
/s/ Sean Rahilly |
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Sean Rahilly |