Oportun Announces $245 Million Committed Warehouse Facility
Rhea-AI Summary
Oportun (Nasdaq: OPRT), a mission-driven fintech company, has secured a new $245 million committed warehouse facility. The facility features a three-year revolving period and is collateralized by Oportun's unsecured and secured loan originations. Deutsche Bank AG, New York branch, joins as a new senior lender, while Jefferies continues as a mezzanine lender.
Jonathan Coblentz, Oportun's CFO, emphasized that this facility demonstrates the company's ability to attract new investors and strengthen existing relationships. The long-term committed financing is expected to support Oportun's responsible growth in the coming years. Oportun maintains a diverse capital structure, including warehouse facilities, asset-backed securitizations, corporate-level debt, and whole loan sales.
Positive
- Secured a new $245 million committed warehouse facility
- Attracted Deutsche Bank AG as a new senior lender
- Maintained relationship with existing lender Jefferies
- Three-year revolving period provides long-term financing stability
- Diverse set of capital sources enhances financial flexibility
Negative
- None.
News Market Reaction
On the day this news was published, OPRT gained 0.36%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
SAN CARLOS, Calif., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Oportun (Nasdaq: OPRT), a mission-driven financial technology company, today announced the closing of a new long-term warehouse facility. Features of this new facility include:
$245 million total commitment- Deutsche Bank AG, New York branch, as senior lender – a new lending relationship for Oportun
- Jefferies, as mezzanine lender – an existing, longstanding lender to Oportun
- Three-year revolving period
- Collateralized by Oportun’s unsecured and secured loan originations
“This new warehouse facility demonstrates Oportun’s continued ability to both attract new investors as well as build on longstanding investor relationships”, said Jonathan Coblentz, Chief Financial Officer of Oportun. “With the support of our lenders at Deutsche Bank and Jefferies, this long-term committed financing will help drive Oportun’s responsible growth in the years ahead.”
Oportun maintains a diverse set of capital sources including committed warehouse facilities, asset-backed securitizations, corporate-level debt financing, and whole loan sales. Orrick, Herrington & Sutcliffe LLP served as legal advisor to the Company on the transaction.
About Oportun
Oportun (Nasdaq: OPRT) is a mission-driven fintech that puts its members' financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than
About Deutsche Bank
Deutsche Bank (NYSE: DB) provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network.
About Jefferies
Jefferies (NYSE: JEF) is a leading global, full-service investment banking and capital markets firm that provides advisory, sales and trading, research, wealth, and asset management services. With more than 40 offices around the world, we offer insights and expertise to investors, companies and governments. For more information: www.jefferies.com.
FAQ
What is the size of Oportun's new warehouse facility announced on August 5, 2024?
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What is the duration of the revolving period for Oportun's new warehouse facility?
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