UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): September 18, 2024 |
ENOVA INTERNATIONAL, INC.
(Exact name of Registrant as Specified in Its Charter)
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Delaware | 1-35503 | 45-3190813 |
(State or Other Jurisdiction
of Incorporation) | (Commission File Number) | (IRS Employer
Identification No.) |
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175 West Jackson Boulevard | |
Chicago, Illinois | | 60604 |
(Address of Principal Executive Offices) | | (Zip Code) |
|
Registrant’s Telephone Number, Including Area Code: 312 568-4200 |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
| | Trading
Symbol(s) | |
Name of each exchange on which registered
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Common Stock, $.00001 par value per share | | ENVA | | New York Stock Exchange LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
HWCR 2023 Securitization Facility
On September 18, 2024, HWC Receivables 2023, LLC (“HWCR 2023”), a wholly-owned indirect subsidiary of Enova International, Inc. (the “Company”), amended its existing revolving receivables facility (the “HWCR 2023 Securitization Facility”) by entering into that certain Omnibus Amendment - Amendment No. 1 to Credit Agreement and Amendment to Security Agreement (the “Omnibus Amendment”) with the lenders party thereto, Headway Capital, LLC, as originator, the Company, as performance guarantor, and BNP Paribas, as administrative agent and collateral agent.
The following table summarizes certain key terms of the amended HWCR 2023 Securitization Facility.
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| Class A Revolving Loans | Class B Revolving Loans | Total Facility |
Commitment Amount | $365,000,000 | $122,595,000 | $487,595,000 |
Borrowing Rate | Agreed rate + 2.70% | SOFR + 8.50% | Agreed rate/SOFR + 4.16% |
Borrowing Base Advance Rate | 65.5% | 87.5% | 87.5% |
Revolving Period End Date | September 2026 | September 2026 | September 2026 |
Maturity Date | September 2027 | September 2027 | September 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, that will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ending September 30, 2024.
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
The information provided in Item 1.01 above is incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | | Enova International, Inc. |
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Date: | September 19, 2024 | By: | /s/ Sean Rahilly |
| | | Sean Rahilly
General Counsel & Secretary |
