Enova amends, restates credit agreement for up to $440 million

By Mary-Katherine Stinson

Lexington, Ky., June 27 – Enova International, Inc. and certain subsidiaries entered into an amended and restated credit agreement on June 23 providing a secured asset-backed revolving credit facility of up to $440 million, with a $20 million letter of credit sublimit and a $10 million swingline loan sublimit, according to an 8-K filing with the Securities and Exchange Commission on Monday.

The loans bear interest at SOFR plus 350 basis points.

There is a commitment fee that ranges from 15 bps to 50 bps depending on usage.

Prepayment penalties apply if the agreement is terminated on or before the first and second anniversary dates with certain exceptions.

The loans mature June 30, 2026.

Bank of Montreal is the administrative agent and collateral agent.

BMO Capital Markets, Axos Bank and Synovus Bank are the joint lead arrangers and joint lead bookrunners.

The agreement amends and restates in its entirety Enova’s existing credit agreement dated as of June 30, 2017 with TBK Bank, SSB as administrative agent.

Proceeds may be used for working capital and other general business purposes.

Enova is an online financial services provider based in Chicago.

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