Enova talks $400 million five-year senior notes with all-in yield in 11½% area

By Abigail W. Adams

Portland, Me., Dec. 5 – Enova International Inc. talked its $400 million offering of five-year senior notes (B2/B-) with 1 point of original issue discount for an all-in yield in the 11½% area, according to a market source.

Early guidance was for a yield in the mid-11% area and an original issue discount.

The notes are non-callable for two years.

Books are expected to close at 2:30 p.m. ET on Tuesday.

Pricing is expected on Wednesday although timing may be accelerated to Tuesday’s session.

Jefferies LLC and BMO Capital Markets Corp. are bookrunners for the Rule 144A and Regulation S without registration rights offering.

An investor call was held on Monday.

Proceeds will be used to refinance the company’s 8½% senior notes due 2024 and for general corporate purposes, which may include a partial paydown of its revolving credit facility.

Enova is a Chicago-based online financial services provider.

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