Enova talks $375 million seven-year notes to yield in 8 5/8% area; pricing Friday

By Paul A. Harris

Portland, Ore., Sept. 14 – Enova International, Inc. talked its $375 million offering of seven-year senior notes (B3/B-) to yield in the 8 5/8% area, according to market sources.

Official talk comes wide of initial guidance in the low to mid 8% area, a trader said.

Books close at noon ET on Friday, and the Rule 144A and Regulation S deal is set to price thereafter.

Credit Suisse Securities (USA) LLC is the left bookrunner. Jefferies LLC is the joint bookrunner. William Blair is the co-manager.

The notes become callable after three years at par plus 50% of the coupon and feature a three-year 40% equity clawback and a 101% poison put.

The Chicago-based online financial services provider plans to use the proceeds to refinance debt and for general corporate purposes.

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