Enova amends revolver to cut size by $10 million, revise provisions

By Jennifer Chiou

New York, March 30 – Enova International, Inc. reduced its unsecured revolving line of credit to $65 million from $75 million under an amendment dated March 25, according to an 8-K filing with the Securities and Exchange Commission.

Jefferies Finance LLC acted as administrative agent.

The amendment also increased an additional senior secured indebtedness basket to the greater of $20 million or 2.75% of consolidated total assets. Previously, the figures stood at $15 million or 2% of consolidated total assets.

In addition, the amendment revised certain definitions and provisions relating to limitations on indebtedness, investments, dispositions, fundamental changes and burdensome agreements to allow certain of Enova’s foreign subsidiaries, which opt to become guarantors of its obligations under the credit agreement, to be treated as domestic subsidiaries for purposes of those provisions.

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

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