Oportun Achieves $223 Million in Asset-Backed Securitization
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Oportun Completes $223 Million Asset-Backed Securitization
Oportun (Nasdaq: OPRT), a mission-driven fintech, has successfully issued $223.25 million of fixed rate asset-backed notes. These notes are secured by a pool of both unsecured and secured installment loans.
Details of the Securitization
The offering consisted of four classes of fixed rate notes: Class A, Class B, Class C, and Class D. Each class received ratings from KBRA, specifically AA-, A-, BBB-, and BB-, respectively. The financial institutions involved included Jefferies as the sole structuring agent and bookrunner, while Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, and Morgan Stanley & Co. LLC acted as co-managers of the transaction.
Coupon Rates and Investor Confidence
The weighted average coupon for this securitization was set at 8.07%. The Class A notes were issued with a coupon of 5.86% per annum, Class B notes at 5.83% per annum, Class C notes at 6.61% per annum, and Class D notes at 10.47% per annum. This varied pricing illustrates the different risk profiles and investor expectations associated with each class.
Leadership Insight and Future Prospects
Jonathan Coblentz, Chief Financial Officer at Oportun, commented on the significant demand for this securitization, stating, "The significant demand for and pricing of this securitization once again reflects investor confidence in the credit quality of Oportun’s consumer loans and our business model." He emphasized that since June of the prior year, Oportun has successfully raised over $1.8 billion through a variety of financing options, including whole loan sales, several securitizations, and warehouse agreements from fixed income investors and banks.
About Oportun
Oportun is dedicated to empowering its members by enabling access to responsible, affordable credit. Since its inception, the company has provided over $18.7 billion in credit, which has saved its members more than $2.4 billion in interest and fees. Furthermore, Oportun has enabled its members to save an average of over $1,800 annually through its intelligent borrowing, savings, and budgeting capabilities.
Frequently Asked Questions
What is the purpose of the $223 million securitization?
The securitization allows Oportun to raise funds through fixed-rate notes, which enhances their capital base and supports their lending operations.
What classes of notes were issued in this securitization?
The securitization included four classes of fixed rate notes: Class A, Class B, Class C, and Class D.
How does the coupon rate affect the notes issued?
The coupon rate reflects the interest that investors will earn and varies depending on the risk profile and credit rating of each class of notes.
What does Oportun aim to achieve with its financial model?
Oportun's financial model aims to provide its members with accessible credit options while ensuring investor confidence through responsible lending practices.
How can I find out more about Oportun?
For more detailed information, you can visit Oportun's official website at Oportun.com.
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