Enova Increases Funding Capacity by $550 Million with Recent Transactions

CHICAGO, July 5, 2022 /PRNewswire/ — Enova International (NYSE: ENVA), a number one monetary know-how firm powered by machine studying and synthetic intelligence, introduced at the moment that throughout June the corporate closed $550 million of further funding capability.  A brand new two-year $420 million small enterprise securitization warehouse with two new financial institution lenders was priced at 271 foundation factors over the relevant base index and can help funding small enterprise buyer demand. 
Additionally, the corporate’s present secured revolving company credit score facility, which is used for working capital and different common enterprise functions, was elevated by $130 million to $440 million. The maturity of the power was prolonged to June 2026 and is priced at SOFR plus 350 foundation factors.
“The new small enterprise facility and significant improve in our company revolving line of credit score additional enhances our strong liquidity profile and monetary flexibility,” mentioned Steve Cunningham, CFO of Enova. “The engaging phrases replicate the strong credit score efficiency of our portfolio and power of our financial institution partnerships.”
In addition to money and marketable securities, Enova ended the second quarter with greater than $800 million in capability on its dedicated securitization services and secured company revolver.
About Enova 
Enova International (NYSE: ENVA) is a number one monetary know-how firm offering on-line monetary providers by its synthetic intelligence and machine studying powered lending platform. Enova serves the wants of non-prime customers and small companies, who’re incessantly underserved by conventional banks. Enova has supplied greater than 7 million clients with over $40 billion in loans and financing with market main merchandise that present a path for them to enhance their monetary well being. You can study extra in regards to the firm and its manufacturers at www.enova.com.
SOURCE Enova International, Inc.


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