Oportun Completes $538 Million Asset Backed Securitization

Core Insights - Oportun has issued approximately $538 million of two-year revolving fixed rate asset-backed notes, reflecting strong demand and a favorable pricing environment [1][4] - The transaction includes five classes of fixed rate notes, all rated by Fitch, with the Class A notes receiving a AAA rating [2][4] - The weighted average yield on the transaction is 5.29%, which is 38 basis points lower than the previous ABS financing in June [1][3] Financial Performance - The weighted average coupon on the transaction is 5.23%, with Class A notes priced at a coupon of 4.49% per annum [3] - Oportun has proactively paid down $10 million of higher cost corporate debt, reducing the balance from $235 million to $212.5 million [4] Company Overview - Oportun is a mission-driven financial services company that has provided over $20.8 billion in responsible credit since its inception [6] - The company has saved its members more than $2.5 billion in interest and fees, helping them set aside an average of over $1,800 annually [6]