ENVA updates OnDeck 2021-1 receivables facility terms to 2028

Rhea-AI Filing Summary

Enova International, Inc. reported that its subsidiary OnDeck Receivables 2021, LLC amended its revolving receivables securitization facility known as the ODR 2021-1 Securitization Facility. The amended structure provides a total facility commitment of $246,666,666.66, split into Class A revolving loans of $193,333,333.33 and Class B revolving loans of $53,333,333.33. Class A borrowings accrue interest at the CP Rate + 2.00%, while Class B borrowings are priced at SOFR + 6.00%, with a blended facility borrowing rate stated as CP/SOFR + 2.86%. The borrowing base advance rate is 72.5% for Class A and 92.5% for Class B and in total, and the revolving period now runs through November 2027, with a final maturity in November 2028. The amendment is also reported as the creation of a direct financial obligation or off-balance sheet obligation for disclosure purposes.

Insights

Credit and capital structure analyst

Enova extends and sizes a $246.7M OnDeck securitization facility.

The amendment to the ODR 2021-1 Securitization Facility gives Enova's OnDeck platform access to a total commitment of $246,666,666.66, divided between Class A and Class B revolving loans. This structure helps finance receivables originated through OnDeck while keeping them within a dedicated funding vehicle.

Pricing differs by tranche: Class A loans are set at the CP Rate + 2.00%, while Class B loans bear interest at SOFR + 6.00%, with a stated overall borrowing rate of CP/SOFR + 2.86%. Advance rates reach up to 92.5% at the facility level, which determines how much can be borrowed against eligible receivables.

The revolving period extends to November 2027, with final maturity in November 2028, giving a multi-year funding horizon for these assets. The filing also characterizes this as a direct financial obligation or potential off-balance sheet obligation, underscoring that investors should understand it as a key component of Enova’s funding and risk-transfer framework for its OnDeck receivables.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

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Accepted by SEC EDGAR 11/24/2025 - 04:20 PM Learn about SEC filing dates

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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

Date of Report (Date of earliest event reported): November 24, 2025

ENOVA INTERNATIONAL, INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware			1-35503	45-3190813
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
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:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
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.

ODR 2021-1 Securitization Facility

On November 24, 2025, OnDeck Receivables 2021, LLC (“ODR 2021”), a wholly-owned indirect subsidiary of the Company, amended its existing revolving receivables facility (the “ODR 2021-1 Securitization Facility”) by entering into that certain Amendment No. 10 to Credit Agreement (the “Tenth Amendment”) with the lenders party thereto from time to time, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and Deutsche Bank Trust Company Americas, as paying agent.

The following table summarizes certain key terms of the amended ODR 2021-1 Securitization Facility:

	Class A Revolving Loans	Class B Revolving Loans	Total Facility
Commitment Amount	$193,333,333.33	$53,333,333.33	$246,666,666.66
Borrowing Rate	CP Rate + 2.00%	SOFR + 6.00%	CP/SOFR + 2.86%
Borrowing Base Advance Rate	72.5%	92.5%	92.5%
Revolving Period End Date	November 2027	November 2027	November 2027
Maturity Date	November 2028	November 2028	November 2028

The foregoing description of the Tenth Amendment does not purport to be complete and is qualified in its entirety by reference to the Credit Agreement, as amended by the Tenth Amendment, which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ending December 31, 2025.

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.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibit is furnished as part of this Report on Form 8-K:

Exhibit No.	Description
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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 thereunto duly authorized.

			Enova International, Inc.
Date:	November 24, 2025	By:	/s/ Sean Rahilly
			Sean Rahilly General Counsel & Secretary

FAQ

What did Enova International (ENVA) announce in this 8-K?

Enova International reported that its subsidiary OnDeck Receivables 2021, LLC entered into Amendment No. 10 to its revolving receivables facility, the ODR 2021-1 Securitization Facility, updating key terms including size, interest rates, and maturities.

What is the total size of Enovas amended ODR 2021-1 Securitization Facility?

The amended ODR 2021-1 Securitization Facility has a total commitment of $246,666,666.66, consisting of $193,333,333.33 in Class A revolving loans and $53,333,333.33 in Class B revolving loans.

What interest rates apply to the Class A and Class B loans in ENVAs facility?

Class A revolving loans accrue interest at CP Rate + 2.00%, while Class B revolving loans accrue interest at SOFR + 6.00%. The facility table also shows a blended borrowing rate of CP/SOFR + 2.86% for the total facility.

When do the revolving period and maturity date end for Enovas ODR 2021-1 facility?

The revolving period end date for both Class A and Class B revolving loans is November 2027, and the stated maturity date for the facility is November 2028.

How high are the borrowing base advance rates in the amended ODR 2021-1 facility?

The borrowing base advance rate is 72.5% for the Class A revolving loans and 92.5% for the Class B revolving loans and total facility, indicating the percentage of eligible receivables that can be financed.

Why is this securitization amendment described as a direct financial obligation for ENVA?

The amendment is disclosed under the item for Entry Into a Material Definitive Agreement and incorporated into the item for Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement, highlighting that the securitization facility represents a significant funding obligation related to Enovas receivables.