CHICAGO, Jan. 15, 2016 /PRNewswire/ -- Enova International (NYSE: ENVA), a leading technology and analytics-driven online lender, today announced it has entered into a $175 million financing facility for its NetCredit installment loan portfolio. The facility includes an initial draw of $107 million, which is secured by $134 million in unsecured consumer loans, and a $20 million revolving note for warehousing new and seasoned loans for a period of time. The new facility significantly enhances the company's liquidity and capacity for NetCredit loan originations.
This marks Enova's first asset-backed securitization and is a significant growth milestone for the company. Jefferies LLC led the unrated transaction with a group of noteholders. Enova, which has originated more than $16.7 billion in loans to date, continues to successfully bring its online lending platform to new markets, providing both consumers and small businesses with innovative financing choices. The company launched its NetCredit business in 2012 to provide longer-term unsecured installment loans to near-prime customers. The business has seen significant customer demand, and this securitization will provide Enova with a flexible funding source.
"It's an exciting time at Enova as we continue to use our leading technology platform and best-in-class analytics to drive growth," said Enova's CEO David Fisher. "We're advancing our strategy to diversify our product mix, and this securitization gives us a cost-efficient mechanism to access the capital we need to meet the strong demand we're seeing in these new products. We have an excellent partner in Jefferies, and we're pleased we've been able to demonstrate the quality of our portfolio through this process."
"We are pleased to support our client Enova with an attractive financing solution for its growing NetCredit portfolio. We appreciate the response of our investor clients to this investment opportunity," said Michael Wade, Head of ABS Capital Markets at Jefferies.
About Enova
Enova is a leading provider of online financial services to the large and growing number of customers who use alternative financial services because of their limited access to more traditional credit. Enova offers or arranges loans for consumers and/or financing for small businesses in all 50 states and Washington D.C. in the United States and in five foreign countries:
Enova, through its trusted brands, uses its proprietary technology, analytics, and customer service capabilities to quickly evaluate, underwrite, and fund loans or provide financing to customers when and how they want it. Headquartered in Chicago, Enova has more than 1,100 employees serving its online customers across the globe.
Note: The news release above has been corrected to identify that the facility is secured by $134 million in unsecured consumer loans.
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SOURCE Enova International, Inc.
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