By Abigail W. Adams
Portland, Me., Dec. 5 – Enova International Inc. priced $400 million of five-year senior notes (B2/B-) on Tuesday at 99.058 with a coupon of 11¼% to yield 11½%, according to a market source.
Pricing came in line with talk for 1 point of original issue discount with an all-in yield in the 11½% area.
Early guidance was for a yield in the mid-11% area and an OID.
The notes are non-callable for two years.
There is an equity clawback up to 40% and a 101 poison put.
Jefferies LLC and BMO Capital Markets Corp. were bookrunners for the Rule 144A and Regulation S for life offering.
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.
| Issuer: | Enova International Inc.
|
| Amount: | $400 million
|
| Issue: | Senior notes
|
| Maturity: | Dec. 15, 2028
|
| Joint bookrunners: | Jefferies LLC and BMO Capital Markets Corp.
|
| Coupon: | 11¼%
|
| Price: | 99.058
|
| Yield: | 11½%
|
| First call: | Dec. 15, 2025 at 105.625
|
| Equity clawback: | 40%
|
| Trade date: | Dec. 5
|
| Settlement date: | Dec. 6
|
| Ratings: | Moody’s: B2
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 1 point of OID with an all-in yield in the 11½% area
|
| Marketing: | Investor call
|
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