Oportun Completes $300 Million Asset-Backed Securitization
November 03 2022 - 4:05PM
Oportun (Nasdaq: OPRT), a mission-driven fintech and digital
banking platform, today announced the issuance of $300 million of
Series 2022-3 fixed rate asset-backed notes (the “Notes”) in a
private asset-backed securitization transaction secured by a pool
of unsecured and secured installment loans.
“Amidst a challenging economic backdrop, Oportun’s access to the
capital markets remains quite strong, as evidenced by the
completion of our fifth major financing this year” said Jonathan
Coblentz, Chief Financial Officer at Oportun. “These notes support
our ability to tactically grow in the current environment, while
advancing our mission by providing our members with responsible and
affordable financial services that help hardworking people build a
better future.”
The offering included four classes of the Notes: Class A, Class
B, Class C and Class D. DBRS, Inc. rated all classes of the Notes,
assigning ratings of AA (low) (sf), A (low) (sf), BBB (low) (sf)
and BB (sf), respectively. The Class A, Class B, Class C and Class
D Notes were placed with a diversified mix of institutional
investors in a private offering pursuant to Rule 144A under the
Securities Act of 1933, as amended. Jefferies acted as the lead
book runner with J.P. Morgan Securities LLC and Goldman Sachs &
Co. LLC as joint book-runners.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.
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.
Investor ContactDorian
Hare650-590-4323ir@oportun.com
Media ContactUsher
Lieberman650-769-9414usher.lieberman@oportun.com
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