Enova International, Inc. has announced a private securitization transaction involving its subsidiary, OnDeck Asset Securitization IV, LLC. The company intends to offer $500,026,000 in initial principal amount of Series 2026-1 Fixed Rate Asset-Backed Notes. The transaction is expected to close on or about September 25, 2026, subject to market conditions and customary closing requirements. Kroll Bond Rating Agency, LLC (KBRA) is scheduled to rate the Offered Notes at closing.
The notes are divided into four classes with varying principal amounts and fixed interest rates. Class A has an initial principal amount of $235,275,000 and a fixed interest rate of 5.61%, anticipated to receive a KBRA rating of AA (sf). Class B has an initial principal amount of $114,637,000 and a fixed interest rate of 6.05%, anticipated to receive a rating of A- (sf). Class C has an initial principal amount of $94,742,000 and a fixed interest rate of 6.73%, anticipated to receive a rating of BBB- (sf). Class D has an initial principal amount of $55,372,000 and a fixed interest rate of 8.28%, anticipated to receive a rating of BB (sf). All notes have a legal final payment date of October 18, 2032.
The filing also included supplemental data regarding delinquency and net charge-off experience for OnDeck's term loans and lines of credit as of July 31, 2026. As of that date, the total unpaid principal balance of term loans past due by 61 or more days was $69,835,271. This represents 2.10% of the total unpaid principal balance for term loans. For lines of credit, the total unpaid principal balance past due by 61 or more days was $40,662,884, representing 3.16% of the total unpaid principal balance for lines of credit.
The supplemental data further details net charge-off rates by origination vintage. For the overall term loan portfolio, the cumulative net charge-off rate for loans originated in 2026 Q2 was 4.21% after 7 months since origination. For loans originated in 2026 Q1, the cumulative net charge-off rate was 4.70% after 8 months since origination. The data also breaks down performance by OnDeck Score ranges, with lower scores generally showing higher charge-off rates over time.
