Oportun Completes $441 Million Asset Backed Securitization

Rhea-AI Summary

Oportun (Nasdaq: OPRT) issued $441 million of two-year revolving fixed-rate asset-backed notes secured by a pool of unsecured and secured installment loans on October 20, 2025. The offering included five classes (A–E) with Fitch ratings of AAA, AA-, A-, BBB-, and BB- respectively.

The transaction carried a weighted average coupon of 5.69% and a weighted average yield of 5.77%; class coupons ranged from 4.53% (Class A) to 10.82% (Class E). Notes were offered under Rule 144A.

Positive

• $441 million ABS issuance completed
• Weighted average yield of 5.77%
• Class A notes rated AAA (third consecutive AAA senior deal)
• Two-year revolving structure supports short-term funding

Negative

• Lowest tranche coupon at 10.82% indicates high junior funding cost
• Lower-tier ratings as low as BB- reflect significant subordination risk
• Pool includes unsecured installment loans, increasing credit exposure

Insights

Structured finance analyst

Oportun completed a $441,000,000 two‑year ABS at a weighted average yield of 5.77%, keeping senior notes at AAA.

The transaction issued five fixed‑rate note classes backed by unsecured and secured installment loans and carries a weighted average coupon of 5.69%. Fitch assigned ratings of AAA, AA-, A, BBB- and BB- to Classes A–E respectively, and the Class A tranche priced at a 4.53% coupon while the most subordinated Class E priced at a 10.82% coupon.

This deal provides explicit evidence of continued market access: it is the company’s fourth ABS this year and its third consecutive transaction with a AAA rating on the most senior bonds. The cited 5.77% yield and tranche pricing are concrete funding costs to monitor. Watch near‑term funding rollovers and any two‑year refinancing points as they fall due.

5.77% average yield, demonstrates Oportun’s continued access to low-cost funding 

Third consecutive transaction with AAA rating on most senior bonds

SAN CARLOS, Calif., Oct. 20, 2025 (GLOBE NEWSWIRE) -- Oportun (Nasdaq: OPRT), a mission-driven financial services company, today announced the issuance of $441 million of two-year revolving fixed rate asset-backed notes secured by a pool of unsecured and secured installment loans.

The offering included five classes of fixed rate notes: Class A, Class B, Class C, Class D, and Class E. Fitch rated all classes of notes, assigning ratings of AAA, AA-, A-, BBB-, and BB-, respectively. Deutsche Bank Securities Inc served as the sole structuring agent and co-lead, and Goldman Sachs & Co. LLC, Jefferies LLC and Natixis Corporate & Investment Banking also served as co-leads.

The weighted average coupon on the transaction was 5.69%, and the weighted average yield was 5.77%. The Class A notes were priced with a coupon of 4.53% per annum; the Class B notes were priced with a coupon of 5.31% per annum; the Class C notes were priced with a coupon of 5.80% per annum; the Class D notes were priced with a coupon of 6.97% per annum; and the Class E notes were priced with a coupon of 10.82% per annum.

“This was Oportun’s fourth ABS transaction of the year and our third consecutive deal with a AAA rating,” said Paul Appleton, Interim Chief Financial Officer at Oportun. “The 5.77% yield on this bond issuance reflects robust investor demand and our ability to consistently raise low-cost sources of capital to fund our operations in service of our members.”

For more information visit oportun.com. The notes were offered pursuant to Rule 144A under the Securities Act of 1933, as amended.

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 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 $20.3 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members set aside an average of more than $1,800 annually. For more information, visit Oportun.com.

Investor Contact
Dorian Hare
(650) 590-4323
ir@oportun.com

Media Contact
Michael Azzano
Cosmo PR for Oportun
(415) 596-1978
michael@cosmo-pr.com

FAQ

What did Oportun (OPRT) announce on October 20, 2025 regarding financing?

Oportun issued $441 million of two-year revolving fixed-rate asset-backed notes secured by a pool of unsecured and secured installment loans.

What were the weighted average coupon and yield for Oportun's October 20, 2025 ABS?

The transaction had a weighted average coupon of 5.69% and a weighted average yield of 5.77%.

Which ratings did Fitch assign to Oportun's October 20, 2025 ABS classes (OPRT)?

Fitch rated Classes A–E as AAA, AA-, A-, BBB-, and BB-, respectively.

How were Oportun's October 2025 notes structured and who led the deal?

The offering had five fixed-rate classes (A–E); Deutsche Bank Securities served as sole structuring agent and co-lead with Goldman Sachs, Jefferies, and Natixis as co-leads.

Are Oportun's October 20, 2025 notes freely tradable?

No; the notes were offered pursuant to Rule 144A, which restricts resale to qualified institutional buyers.