Oportun Announces $306 Million Committed Warehouse Facility Extension
Rhea-AI Summary
Oportun (Nasdaq: OPRT), a mission-driven financial services company, has announced the closing of an amendment and extension to its long-term warehouse facility. The facility features include:
- A total commitment of $306 million
- Goldman Sachs as senior lender and Jefferies as mezzanine lender, both existing, longstanding lenders to Oportun
- A new two-year revolving period
- Collateralization by Oportun's unsecured and secured personal loan originations
Jonathan Coblentz, CFO of Oportun, stated that this extension expands on the company's longstanding lending relationships and will help drive responsible growth in the years ahead. Oportun maintains diverse capital sources, including committed warehouse facilities, asset-backed securitizations, corporate-level debt financing, and whole loan sales.
Positive
- Secured a $306 million committed warehouse facility extension
- Maintained longstanding relationships with Goldman Sachs and Jefferies as lenders
- New two-year revolving period for the facility
- Diverse set of capital sources maintained
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, OPRT declined 4.79%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
SAN CARLOS, Calif., Sept. 23, 2024 (GLOBE NEWSWIRE) -- Oportun (Nasdaq: OPRT), a mission-driven financial services company, today announced the closing of an amendment and extension to its long-term warehouse facility. Features of this facility include:
$306 million total commitment- Goldman Sachs as senior lender – and Jefferies, as mezzanine lender – both existing, longstanding lenders to Oportun
- A new two-year revolving period
- Collateralized by Oportun’s unsecured and secured personal loan originations
“This warehouse facility extension expands on Oportun’s longstanding lending relationships”, said Jonathan Coblentz, Chief Financial Officer of Oportun. “With the support of our lenders at Goldman Sachs and Jefferies, this 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.
About Oportun
Oportun (Nasdaq: OPRT) is a mission-driven financial services company 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 Goldman Sachs
Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
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.
Investor Contact
Dorian Hare
(650) 590-4323
ir@oportun.com
Media Contact
Michael Azzano
Cosmo PR for Oportun
michael@cosmo-pr.com
(415) 596-1978
FAQ
What is the total commitment of Oportun's extended warehouse facility?
Who are the lenders in Oportun's (OPRT) extended warehouse facility?
What types of loans are used as collateral for Oportun's (OPRT) warehouse facility?
How long is the new revolving period for Oportun's (OPRT) extended warehouse facility?
