Enova International amends revolver, lifts commitments to $75 million

By Susanna Moon

Chicago, Jan. 5 – Enova International, Inc. increased its revolving credit commitments by $15 million to $75 million, according to an 8-K filing with the Securities and Exchange Commission.

Enova and some of its domestic subsidiaries amended their revolving credit facility on Dec. 29 with Jefferies Finance LLC as administrative agent.

As of Monday, the amended revolving commitment had been fully drawn.

If Enova or any of its subsidiaries receives proceeds from a receivables financing, the company may need to repay some of its loans.

Specifically, if the receivables financing is greater than or equal to the aggregate outstanding principal balance of the revolving loans under the facility, then Enova must repay the revolving loans under the facility, or in an amount less than the aggregate outstanding principal balance of the revolving loans, then Enova must repay the greater of (a) the actual net cash proceeds received from the receivables financing and (b) an amount of revolving loans needed to reduce the aggregate outstanding balance of the revolving loans to $40 million.

If the amendment repayment date has not occurred by Jan. 22, Enova will be required to repay the loans and the revolving commitment will terminate, and on Feb. 29, Enova will be required to repay revolving loans in order to reduce the aggregate outstanding balance of the revolving loans under the facility to $40 million, the release noted.

Enova International is a subsidiary of Cash America, a Fort Worth, Texas-based specialty financial services provider.

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