Oportun Closes Four-Year $150 Million Senior Secured Term Loan
September 15 2022 - 8:30AM
Oportun Financial Corporation (Nasdaq: OPRT) (the “Company” or
“Oportun”), a mission-driven fintech and digital banking platform,
today announced that it has closed a $150 million senior secured
term loan due in 2026 from funds managed or sub-advised by
Neuberger Berman Specialty Finance.
“The capital provided by this loan will support
the continued investment and growth in our business that we expect,
even under the tighter credit underwriting criteria we have adopted
in the current environment,” said Jonathan Coblentz, CFO of
Oportun. “The loan proceeds will provide the capital and liquidity
needed to support our future securitization and warehouse line
financings, while this transaction once again validates the
investment community’s confidence in Oportun’s business model and
financial strength.”
“In extending this credit facility to Oportun,
Neuberger Berman is prominently investing in a leading business
focused on responsibly serving communities that have historically
been overlooked and inadequately supported by mainstream financial
institutions,” said Zhengyuan Lu, Managing Director of Neuberger
Berman.
Jefferies LLC acted as financial advisor and
sole arranger and Orrick, Herrington & Sutcliffe LLP served as
legal advisor to the Company on the transaction.
About Oportun Oportun
(Nasdaq: OPRT) is an A.I.-powered digital banking platform that
seeks to make financial health effortless for anyone. Driven by a
mission to provide inclusive and affordable financial services,
Oportun helps its over 1.8 million hardworking members meet their
daily borrowing, savings, banking, and investing needs. Since
inception, Oportun has provided more than $14 billion in
responsible and affordable credit, saved its members more than $2.3
billion in interest and fees, and automatically helped members set
aside more than $8.1 billion for rainy days and other needs. In
recognition of its responsibly designed products, Oportun has been
certified as a Community Development Financial Institution (CDFI)
since 2009. For more information about Oportun, visit
https://oportun.com.
About Neuberger BermanNeuberger
Berman, founded in 1939, is a private, independent, employee-owned
investment manager. The firm manages a range of
strategies—including equity, fixed income, quantitative and
multi-asset class, private equity, real estate and hedge funds—on
behalf of institutions, advisors and individual investors globally.
With offices in 25 countries, Neuberger Berman’s diverse team has
over 2,500 professionals. For eight consecutive years, the company
has been named first or second in Pensions & Investments Best
Places to Work in Money Management survey (among those with 1,000
employees or more). In 2020, the PRI named Neuberger
Berman a Leader, a designation awarded to fewer than 1% of
investment firms for excellence in Environmental, Social and
Governance (ESG) practices. The PRI also awarded Neuberger Berman
an A+ in every eligible category for our approach to ESG
integration across asset classes. The firm manages $418 billion in
client assets as of June 30, 2022. For more information, please
visit our website at www.nb.com.
Forward Looking StatementsThis
press release contains forward-looking statements. All statements
other than statements of historical fact contained in this press
release, including statements as to future results of operations
and financial position, achievement of strategic priorities, and
future growth opportunities are forward-looking statements. These
statements involve known and unknown risks, uncertainties,
assumptions and other factors that may cause Oportun’s actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Many, but not all, of
these statements can be identified by terms such as “expect,”
“plan,” “anticipate,” “project,” "outlook,” “continue,” “may,”
“believe,” or “estimate” and similar expressions or the negative
versions of these words or comparable words, as well as future or
conditional verbs such as “will,” “should,” “would,” “likely” and
“could.” These forward-looking statements are subject to the safe
harbor provisions under the Private Securities Litigation Reform
Act of 1995, Section 27A of the Securities Act of 1933, as amended
and Section 21E of the Securities Exchange Act of 1934, as amended.
Oportun has based these forward-looking statements largely on its
current expectations and projections about future events and
financial trends that it believes may affect its business,
financial condition and results of operations. These risks and
uncertainties include those risks described in Oportun's filings
with the Securities and Exchange Commission, including Oportun's
most recent annual report on Form 10-K and most recent quarterly
report on Form 10-Q. The forward-looking statements speak only as
of the date on which they are made, and, except to the extent
required by federal securities laws, Oportun disclaims any
obligation to update any forward-looking statement to reflect
events or circumstances after the date on which the statement is
made or to reflect the occurrence of unanticipated events. In light
of these risks and uncertainties, there is no assurance that the
events or results suggested by the forward-looking statements will
in fact occur, and you should not place undue reliance on these
forward-looking statements.
Investor ContactDorian
Hare(650) 590-4323ir@oportun.com
Media ContactUsher
Lieberman(650) 769-9414usher.lieberman@oportun.com
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