ENOVA INTERNATIONAL, INC. (NYSE:ENVA) Files An 8-K Entry into a Material Definitive AgreementITEM 1.01ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On October5, 2018, Enova International, Inc. (the “Company”) and certain of its operating subsidiaries entered into an amendment of its asset-backed secured revolving credit agreement with a syndicate of banks (the “Amended Credit Agreement”). The Amended Credit Agreement is secured by domestic receivables and amends the Company’s existing credit facility that was entered into on June30, 2017 (as previously amended, the “Original Credit Facility”).
The Amended Credit Agreement, amongst other changes, increases the borrowing limit to $125 million from $75 million in the Original Credit Facility and expands the definition of eligible accounts. The maturity date of May1, 2020, and the interest rate on borrowings of prime rate plus 1.00%, however, remain the same as the Original Credit Facility. In addition, Axos Bank, as lender, in the Amended Credit Agreement joins the syndicate of lenders from the Original Credit Facility that includes TBK Bank, SSB (“TBK”), as administrative agent and collateral agent, Jefferies Finance LLC and TBK as joint lead arrangers and joint lead bookrunners, and Green Bank, N.A. and Pacific Western Bank, as lenders.
The foregoing description of the Amended Credit Agreement does not purport to be complete and is subject to and qualified in its entirety by reference to the Original Credit Agreement as amended by the Amended Credit Agreement, which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December31, 2018.
ITEM 2.03CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
The information provided in Item 1.01 above is incorporated herein by reference.
About ENOVA INTERNATIONAL, INC. (NYSE:ENVA)
Enova International, Inc (Enova) is a provider of online financial services to non-prime consumers and small businesses, providing access to credit powered by its advanced analytics, technology, and online platform and services. Enova has provided over four million customers around the globe access to more than $17 billion in loans and financing. The financial technology company has a portfolio of trusted brands serving consumers, including CashNetUSA, DollarsDirect, NetCredit, On Stride Financial, Pounds to Pocket, QuickQuid and Simplic; two brands serving small businesses, Headway Capital and The Business Backer, and offers online lending platform services to lenders. Through its Enova Decisions brand, it also delivers on-demand decision-making technology and real-time predictive analytics services to clients.