Oportun Completes $441 Million Asset Backed Securitization

Core Insights - Oportun has successfully issued $441 million in two-year revolving fixed rate asset-backed notes, demonstrating its continued access to low-cost funding [2][5] - This transaction marks Oportun's fourth asset-backed securities (ABS) issuance of the year and the third consecutive deal with a AAA rating on the most senior bonds [5] Financial Details - The weighted average coupon for the transaction was 5.69%, with a weighted average yield of 5.77% [4] - The Class A notes were priced with a coupon of 4.53% per annum, while Class B, C, D, and E notes were priced at 5.31%, 5.80%, 6.97%, and 10.82% per annum, respectively [4] Ratings and Structure - The offering included five classes of fixed rate notes, rated by Fitch as AAA, AA-, A-, BBB-, and BB- [3] - Deutsche Bank Securities Inc acted as the sole structuring agent and co-lead, with Goldman Sachs & Co. LLC, Jefferies LLC, and Natixis Corporate & Investment Banking as co-leads [3] Company Overview - Oportun is a mission-driven financial services company that has provided over $20.3 billion in responsible and affordable credit since its inception [7] - The company has saved its members more than $2.4 billion in interest and fees and helped them set aside an average of over $1,800 annually [7]