By Paul A. Harris
Portland, Ore., Aug. 18 – Enova International Inc. priced a $250 million issue of seven-year senior notes (Caa1/B-) at par to yield 8½% on Friday, according to a syndicate source.
The yield printed on top of both price talk and early guidance in the 8½% area.
Jefferies LLC was the active bookrunner. JMP Securities LLC was the passive bookrunner.
The Chicago-based financial services company plans to use the proceeds to refinance a portion of its 9¾% notes due 2021 and for general corporate purposes, including future loan growth.
Enova is a technology and analytics company focused on providing online financial services to consumers and small businesses.
| Issuer: | Enova International Inc.
|
| Amount: | $250 million
|
| Maturity: | Sept. 1, 2024
|
| Securities: | Senior notes
|
| Active bookrunner: | Jefferies LLC
|
| Passive bookrunner: | JMP Securities LLC
|
| Co-managers: | UBS Securities LLC, William Blair
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| First call: | Make-whole call at Treasuries plus 50 bps until Sept. 1, 2020, then callable at 104.25
|
| Equity clawback: | 40% at 108.5 until Sept. 1, 2020
|
| Trade date: | Aug. 18
|
| Settlement date: | Sept. 1
|
| Ratings: | Moody's: Caa1
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8½% area
|
| Marketing: | Roadshow
|
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