New Issue: Enova prices $500 million 9¾% seven-year notes at 98.762 to yield 10%

By Paul A. Harris

Portland, Ore., May 23 - Enova International, Inc. priced $500 million of 9¾% seven-year senior notes (B3/B) at 98.762 to yield 10% on Friday, according to an informed source.

The yield printed at the wide end of the 9¾% to 10% yield talk.

Jefferies LLC was the bookrunner.

Proceeds will be used to repay inter-company loans and to fund a distribution in connection with the spinoff of Enova, a Fort Worth-based provider of online financial services, from Cash America International, Inc.

Issuer:	Enova International, Inc.
Face amount:	$500 million
Maturity:	$494 million
Maturity:	June 1, 2021
Securities:	Senior notes
Bookrunner:	Jefferies LLC
Coupon:	9¾%
Price:	98.762
Yield:	10%
First call:	June 1, 2017 at 107.313
Special call:	If the issuer's guarantees of Cash America International Inc.'s debt outstanding on the issue date have not been released and terminated on or before March 31, 2015, the issuer will have the one-time right to redeem all the notes then outstanding at 103% plus accrued interest
Equity clawback:	35% at 109.75 until to June 1, 2017
Investor put:	101% upon change of control
Trade date:	May 23
Settlement date:	May 30
Ratings:	Moody's: B3
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	9¾% to 10%
Marketing:	Roadshow

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