Enova International, Inc. filed a Form 8-K on November 6, 2026, disclosing that its wholly-owned indirect subsidiary OnDeck Asset Securitization IV, LLC intends to offer $500,251,000 in fixed-rate asset-backed notes in a private securitization transaction announced on November 3, 2026.

Key Highlights

  • Total offering size: OnDeck Asset Securitization IV, LLC intends to offer $500,251,000 in initial principal amount of Series 2026-2 Fixed Rate Asset-Backed Notes.
  • Four note classes: Class A ($190,095,000 at 5.81%), Class B ($118,744,000 at 6.15%), Class C ($100,050,000 at 6.73%), and Class D ($91,362,000 at 8.57%) are included in the offering.
  • Anticipated ratings from KBRA: Class A is rated AA (sf), Class B A- (sf), Class C BBB- (sf), and Class D BB- (sf), according to the filing.
  • Legal final payment date: All Offered Notes carry a legal final payment date of December 19, 2033.
  • Expected closing: The transaction is anticipated to close on or about November 13, 2026, subject to customary closing conditions.
  • Collateral: The notes are backed by a revolving pool of small business loans originated or purchased by ODK Capital, LLC (OnDeck), a wholly-owned indirect subsidiary of the company.
  • No parent guarantee: According to the filing, "the Offered Notes will not be obligations of, or guaranteed by, the Company or OnDeck."

Enova's OnDeck Subsidiary Structures $500 Million Small Business Loan Securitization

According to the filing, Enova International (NYSE:ENVA) disclosed under Regulation FD that OnDeck Asset Securitization IV, LLC, an indirect wholly-owned subsidiary, announced on November 3, 2026, its intention to offer Series 2026-2 Fixed Rate Asset-Backed Notes in a private transaction totaling $500,251,000 in initial principal amount. The offering consists of four classes of notes with fixed annual interest rates ranging from 5.81% for the senior Class A tranche to 8.57% for the subordinate Class D tranche.

The filing states that Kroll Bond Rating Agency, LLC (KBRA) is expected to rate the notes at closing, assigning anticipated ratings of AA (sf) to Class A, A- (sf) to Class B, BBB- (sf) to Class C, and BB- (sf) to Class D. All four classes share a legal final payment date of December 19, 2033. Collateral for the notes will consist of, among other things, a revolving pool of small business loans originated or purchased by ODK Capital, LLC, the entity operating as OnDeck, which will also serve as the servicer of the loans securing the notes.

The filing specifies that the Issuer will use net proceeds to purchase small business loans from OnDeck to pledge as collateral and to fund a reserve account. OnDeck will in turn use substantially all proceeds to purchase small business loans from certain affiliates and for general corporate purposes. The Offered Notes will not be registered under the Securities Act of 1933 and are being offered only to qualified institutional buyers under Rule 144A and to persons outside the United States pursuant to Regulation S. The filing contains forward-looking statements subject to the company's cautionary language and noted risk factors, including changes in credit and securitization markets.

What Was Disclosed

Enova International disclosed, via an 8-K filed November 6, 2026, a planned $500,251,000 private asset-backed note offering by its OnDeck subsidiary, structured across four rated classes with fixed interest rates and a legal final payment date of December 19, 2033.