By Paul A. Harris
Portland, Ore., Sept. 14 – Enova International, Inc. priced a $375 million issue of seven-year senior notes (B3/B-) at par to yield 8½% on Friday, according to market sources.
The yield printed at the tight end of yield talk in the 8 5/8% area.
Official talk came wide of initial guidance in the low to mid 8% area, a trader said.
Credit Suisse Securities (USA) LLC was the left bookrunner. Jefferies LLC was the joint bookrunner.
The Chicago-based online financial services provider plans to use the proceeds to refinance debt and for general corporate purposes.
| Issuer: | Enova International, Inc.
|
| Amount: | $375 million
|
| Maturity: | Sept. 15, 2025
|
| Securities: | Senior notes
|
| Left bookrunner: | Credit Suisse Securities (USA) LLC
|
| Joint bookrunner: | Jefferies LLC
|
| Lead manager: | JMP Securities
|
| Co-manager: | William Blair
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| Spread: | 555 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps before Sept. 15, 2021, then at 104.25
|
| Equity clawback: | 40% at 108.5 until Sept. 15, 2021
|
| Trade date: | Sept. 14
|
| Settlement date: | Sept. 19
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8 5/8% area
|
| Marketing: | Roadshow
|
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