Cash America Unit Enova Intl. Prices $500 Mln Senior Notes Offering

(RTTNews) - Enova International, Inc., a subsidiary of Cash America International, Inc. (CSH), said Friday that it has priced its offering of $500 million of 9.75% Senior Notes due 2021.

The Notes will bear interest at a rate of 9.75% and are being sold at a discount of the principal amount thereof to yield 10.0% to maturity.

The offering is expected to close on or about May 30.

Enova plans to use all of the net proceeds from the sale of the Notes to repay all of its outstanding intercompany debt that Enova owes to Cash America and to pay a cash dividend to Cash America.

Cash America plans to use the proceeds it receives from Enova mainly for the repayment of a portion of its existing indebtedness, and the remaining proceeds will be used for general corporate purposes.