CHICAGO, Sept. 26,
2023 /PRNewswire/ -- Enova International, Inc. (NYSE:
ENVA) (the "Company"), a leading financial technology company
powered by machine learning and world-class analytics, today
announced that it has commenced a consent solicitation (the
"Consent Solicitation") pursuant to terms and conditions of a
Consent Solicitation Statement, dated September 26, 2023 (as it may be amended or
supplemented from time to time, the "Consent Solicitation
Statement") to amend the indenture (the "Indenture") governing its
outstanding 8.500% Senior Notes due 2025 (the "Notes") in order to
increase the Company's ability to make restricted payments in
connection with share repurchases and for other corporate purposes.
Given the strength of the Company's balance sheet, its consistently
strong financial performance since the Notes were originally issued
and the meaningful improvement in the Company's financial risk
profile, the Company is requesting additional flexibility from the
holders of the Notes to increase capital returns to its
stockholders and for other corporate purposes. If approved by
holders of the requisite aggregate principal amount of the
outstanding Notes, the proposed amendment to the Indenture (the
"Proposed Amendment") would amend the Indenture to provide the
Company with additional restricted payments capacity in an amount
which does not exceed $200.0 million;
so long as, immediately after giving pro forma effect to the making
of such restricted payment, the Debt to Tangible Common Equity
Ratio of the Company does not exceed 4.5 to 1.0. This additional
capacity would be in addition to any available capacity under the
"Consolidated Net Income" restricted payments builder basket in the
Indenture. The Consent Solicitation will expire at
5:00 P.M., New York City time, on October 3, 2023 (the "Expiration Time"), unless
extended by the Company.
If the conditions set forth in the Consent Solicitation
Statement are satisfied (including the receipt of consents from
holders representing at least a majority in aggregate principal
amount of the outstanding Notes by the Expiration Time) or waived,
the Company will pay to each holder who validly delivers a consent
(and does not validly revoke such consent) prior to the Expiration
Time a cash payment equal to $15.00
per $1,000 principal amount of Notes
for which such holder has validly delivered (and not validly
revoked) its consent prior to the Expiration Time (the "Consent
Fee"). Holders who do not validly deliver their consent, or who
validly revoke their consent prior to the Expiration Time, will not
receive the Consent Fee.
This news release is for informational purposes only and the
Consent Solicitation is being made solely on the terms and subject
to the conditions set forth in the Consent Solicitation Statement.
Further, this news release does not constitute an offer to sell or
the solicitation of an offer to buy the Notes or any other
securities. The Consent Solicitation Statement does not constitute
a solicitation of consents in any jurisdiction in which, or to or
from any person to or from whom, it is unlawful to make such
solicitation under applicable securities laws. No recommendation is
being made as to whether holders of Notes should consent to the
Proposed Amendment. Holders of the Notes are urged to review the
Consent Solicitation Statement for the detailed terms of the
Consent Solicitation and the procedures for consenting to the
Proposed Amendment.
Jefferies LLC is acting as the Solicitation Agent for the
Consent Solicitation. Any persons with questions regarding the
Consent Solicitation should contact Jefferies LLC by calling (212)
778-8348.
The Information Agent and Tabulation Agent for the Consent
Solicitation is Ipreo LLC. Copies of the Consent Solicitation
Statement may be obtained from the Information Agent by calling
(888) 593-9546.
About Enova
Enova International (NYSE: ENVA) is a
leading financial services company with powerful online lending
that serves small businesses and consumers who are underserved by
traditional banks. Through its world-class analytics and machine
learning algorithms, Enova has provided more than 8.6 million
customers with over $51 billion in
loans and financing. You can learn more about the company and its
portfolio of businesses at www.enova.com.
Cautionary Statement Regarding Forward Looking
Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Statements that are not historical facts are forward looking
statements. These forward-looking statements reflect the current
view of management and are subject to various risks and
uncertainties and are not guarantees of future performance. Actual
results could differ materially from those indicated by such
forward-looking statements because of various risks and
uncertainties, including, without limitation, those risks and
uncertainties indicated in Enova's filings with the Securities and
Exchange Commission ("SEC"), including its annual report on Form
10-K, quarterly reports on Form 10-Q and current reports on Form
8-K. These risks and uncertainties are beyond the ability of Enova
to control, and, in many cases, Enova cannot predict all of the
risks and uncertainties that could cause its actual results to
differ materially from those indicated by the forward-looking
statements. When used in this release, the words "believes,"
"estimates," "plans," "expects," "anticipates" and similar
expressions or variations as they relate to Enova or its management
are intended to identify forward-looking statements. Enova cautions
you not to put undue reliance on these statements. Enova disclaims
any intention or obligation to update or revise any forward-looking
statements after the date of this release.
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SOURCE Enova International, Inc.