Enova Increases Securitization Warehouse Facilities with Additional $235 Million in Capacity

Rhea-AI Summary

Enova International (NYSE: ENVA) announced the closure of $235 million in additional capacity for its securitization warehouse facilities during March 2022. This expansion indicates strong partnerships with bank lenders and solid credit performance. Enova anticipates ending Q1 with about $400 million in committed securitization capacity and cash reserves. The company aims to bolster its liquidity profile and support growth in consumer and small business products amid seasonally higher demand.

Positive

• Increased securitization warehouse capacity by $235 million.
• Expected to end Q1 with $400 million in total capacity and cash reserves.
• Strong partnerships with bank lenders indicate robust financial foundations.

Negative

• None.

CHICAGO, March 30, 2022 /PRNewswire/ -- Enova International (NYSE: ENVA), a leading financial technology company powered by machine learning and artificial intelligence, today announced that during March the company closed $235 million of additional capacity across all four of its existing consumer and small business securitization warehouse facilities.

"Our ability to increase the capacity in each of our existing committed facilities at the same attractive terms reflects the strength of our partnerships with our bank lenders as well as the solid credit performance of our portfolio," said Steve Cunningham, CFO of Enova. "The expansion of these facilities further enhances our solid liquidity profile and will support growth in both our consumer and small business products as we move into periods of seasonally higher demand from our customers."

In addition to cash and marketable securities of approximately $200 million, Enova expects to end the first quarter with approximately $400 million in capacity on its committed securitization facilities and secured corporate revolver.

About Enova 

Enova International (NYSE: ENVA) is a leading financial technology company providing online financial services through its artificial intelligence and machine learning powered lending platform. Enova serves the needs of non-prime consumers and small businesses, who are frequently underserved by traditional banks. Enova has provided more than 7 million customers with over $40 billion in loans and financing with market leading products that provide a path for them to improve their financial health. You can learn more about the company and its brands at www.enova.com.

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SOURCE Enova International, Inc.

FAQ

What was the recent announcement by Enova International?

Enova International announced the closure of $235 million in additional capacity for its securitization warehouse facilities in March 2022.

How much total capacity does Enova expect by the end of Q1 2022?

Enova expects to end the first quarter with approximately $400 million in capacity across its committed securitization facilities.

What does the increase in warehouse capacity indicate for Enova?

The increase reflects strong partnerships with bank lenders and solid credit performance within its portfolio.

How has Enova's financial health been described in the recent PR?

Enova's financial health is described as solid, with an improved liquidity profile to support growth in demand.