Enova International Inc.
06/27/2024 | Press release | Distributed by Public on 06/27/2024 14:06
Material Agreement Form 8 K
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
ODR 2022 Securitization Facility
On June 27, 2024, OnDeck Receivables 2022, LLC ("ODR 2022"), a wholly-owned indirect subsidiary of Enova International, Inc. (the "Company"), amended its existing revolving receivables facility (the "ODR 2022 Securitization Facility") by entering into that certain Omnibus Amendment - Amendment No. 2 to Credit Agreement, Amendment to Backup Servicing Agreement and Reaffirmation of Performance Guaranty (the "Omnibus Amendment") with the lenders party thereto from time to time, BMO Capital Markets Corp., as administrative agent and collateral agent, ODK Capital, LLC, as servicer, Vervent Inc., as backup servicer, and the Company, as performance guarantor.
The following table summarizes certain key terms of the amended ODR 2022 Securitization Facility:
|
Class A Revolving Loans |
Class B Revolving Loans |
Total Facility |
|
|
Commitment Amount |
$338,000,000 |
$82,000,000 |
$420,000,000 |
|
Borrowing Rate |
CP Rate + 2.60% |
SOFR + 7.50% |
CP/SOFR + 3.55% |
|
Borrowing Base Advance Rate |
72.5% |
90.0% |
90.0% |
|
Revolving Period End Date |
June 2026 |
June 2026 |
June 2026 |
|
Maturity Date |
June 2027 |
June 2027 |
June 2027 |
The foregoing description of the Omnibus Amendment does not purport to be complete and is qualified in its entirety by reference to the Credit Agreement, as amended by the Omnibus Amendment, which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ending June 30, 2024.