Oportun Announces $245 Million Committed Warehouse Facility
Oportun (Nasdaq: OPRT), a mission-driven fintech company, has secured a new $245 million committed warehouse facility. The facility features a three-year revolving period and is collateralized by Oportun's unsecured and secured loan originations. Deutsche Bank AG, New York branch, joins as a new senior lender, while Jefferies continues as a mezzanine lender.
Jonathan Coblentz, Oportun's CFO, emphasized that this facility demonstrates the company's ability to attract new investors and strengthen existing relationships. The long-term committed financing is expected to support Oportun's responsible growth in the coming years. Oportun maintains a diverse capital structure, including warehouse facilities, asset-backed securitizations, corporate-level debt, and whole loan sales.
Oportun (Nasdaq: OPRT), un'azienda fintech orientata alla missione, ha ottenuto un nuovo prestito garantito di 245 milioni di dollari. Il prestito prevede un periodo di rotazione di tre anni ed è garantito dalle origini di prestiti sia non garantiti che garantiti di Oportun. Deutsche Bank AG, filiale di New York, entra come nuovo prestatore senior, mentre Jefferies continua come prestatore mezzanino.
Jonathan Coblentz, CFO di Oportun, ha sottolineato che questo prestito dimostra la capacità dell'azienda di attrarre nuovi investitori e rafforzare le relazioni esistenti. Il finanziamento a lungo termine è destinato a sostenere la crescita responsabile di Oportun nei prossimi anni. Oportun mantiene una struttura di capitale diversificata, che include prestiti garantiti, cartolarizzazioni di attività, debito a livello aziendale e vendite di prestiti completi.
Oportun (Nasdaq: OPRT), una empresa fintech impulsada por una misión, ha asegurado una nueva línea de crédito comprometida de 245 millones de dólares. La línea cuenta con un período de renovación de tres años y está garantizada por las originaciones de préstamos no garantizados y garantizados de Oportun. Deutsche Bank AG, sucursal de Nueva York, se une como un nuevo prestamista senior, mientras que Jefferies continúa como prestamista mezzanino.
Jonathan Coblentz, CFO de Oportun, enfatizó que esta línea demuestra la capacidad de la empresa para atraer nuevos inversores y fortalecer las relaciones existentes. Se espera que la financiación a largo plazo apoye el crecimiento responsable de Oportun en los próximos años. Oportun mantiene una estructura de capital diversificada, que incluye líneas de crédito, titulizaciones respaldadas por activos, deuda a nivel corporativo y ventas de préstamos completos.
Oportun (Nasdaq: OPRT), 사명을 가진 핀테크 회사가 2억 4천 5백만 달러의 기금 마련 시설을 확보했습니다. 이 시설은 3년의 회전 기간을 갖추고 있으며, Oportun의 무담보 및 담보 대출 원천으로 보증됩니다. Deutsche Bank AG, 뉴욕 지점이 새로운 선임 대출자로 참여하며, Jefferies는 계속해서 메자닌 대출자로 남습니다.
Oportun의 CFO인 Jonathan Coblentz는 이 시설이 회사를 새로운 투자자를 유치하고 기존 관계를 강화할 수 있는 능력을 보여준다고 강조했습니다. 장기적으로 약정된 자금 조달은 앞으로 몇 년간 Oportun의 책임 있는 성장을 지원할 것으로 예상됩니다. Oportun은 기금 마련 시설, 자산 담보 증권화, 기업 차원의 부채, 전체 대출 판매를 포함한 다양한 자본 구조를 유지하고 있습니다.
Oportun (Nasdaq: OPRT), une société fintech axée sur sa mission, a sécurisé une nouvelle facilité de financement engagée de 245 millions de dollars. Cette facilité présente une période de rotation de trois ans et est garantie par les origines de prêts non garantis et garantis d'Oportun. Deutsche Bank AG, agence de New York, rejoint en tant que nouveau prêteur senior, tandis que Jefferies continue en tant que prêteur mezzanine.
Jonathan Coblentz, CFO d'Oportun, a souligné que cette facilité démontre la capacité de l'entreprise à attirer de nouveaux investisseurs et à renforcer les relations existantes. Le financement à long terme est censé soutenir la croissance responsable d'Oportun dans les années à venir. Oportun maintient une structure de capital diversifiée, comprenant des facilités de financement, des titrisations adossées à des actifs, des dettes au niveau de l'entreprise et des ventes de prêts complets.
Oportun (Nasdaq: OPRT), ein missionsorientiertes Fintech-Unternehmen, hat eine neue auf 245 Millionen Dollar verpflichtete Kreditfazilität gesichert. Die Fazilität umfasst einen drei Jahre laufenden revolvierenden Zeitraum und ist durch die unbesicherten und besicherten Kreditvergabe von Oportun abgesichert. Deutsche Bank AG, Zweigstelle New York, tritt als neuer Senior-Lender bei, während Jefferies weiterhin als Mezzanine-Lender fungiert.
Jonathan Coblentz, CFO von Oportun, betonte, dass diese Fazilität die Fähigkeit des Unternehmens zeigt, neue Investoren zu gewinnen und bestehende Beziehungen zu stärken. Die langfristige finanzielle Verpflichtung soll das verantwortungsvolle Wachstum von Oportun in den kommenden Jahren unterstützen. Oportun pflegt eine vielfältige Kapitalstruktur, die Kreditfazilitäten, asset-backed Sekuritisierungen, Unternehmensschulden und Verkäufe von ganzen Krediten umfasst.
- Secured a new $245 million committed warehouse facility
- Attracted Deutsche Bank AG as a new senior lender
- Maintained relationship with existing lender Jefferies
- Three-year revolving period provides long-term financing stability
- Diverse set of capital sources enhances financial flexibility
- None.
Insights
Oportun's new
The facility's structure, with both senior and mezzanine tranches, suggests efficient capital allocation. This could improve Oportun's return on equity by optimizing its capital structure. However, investors should monitor the terms and interest rates, which weren't disclosed, to fully assess the impact on profitability.
While this facility strengthens Oportun's liquidity position, it's important to consider how it fits into the company's overall debt profile and growth strategy. The market will be watching closely to see how effectively Oportun deploys this capital to drive responsible growth and improve its market position in the competitive fintech lending space.
This new warehouse facility signals strong institutional confidence in Oportun's business model and growth potential. The involvement of Deutsche Bank, a major global financial institution, as a new lender could enhance Oportun's credibility in the market and potentially open doors to more favorable financing options in the future.
The timing of this facility is noteworthy, coming amidst a challenging macroeconomic environment with rising interest rates and inflation concerns. This suggests that Oportun's mission-driven approach and focus on underserved communities might be viewed as a resilient business model by investors.
However, it's important to monitor how Oportun balances growth with risk management, especially in its unsecured lending portfolio. The company's ability to maintain asset quality while expanding its loan book will be a key factor for investors to watch. Additionally, the impact of this new facility on Oportun's cost of capital and its ability to compete with larger, more established financial institutions in terms of pricing and product offerings will be critical to its long-term success.
SAN CARLOS, Calif., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Oportun (Nasdaq: OPRT), a mission-driven financial technology company, today announced the closing of a new long-term warehouse facility. Features of this new facility include:
$245 million total commitment- Deutsche Bank AG, New York branch, as senior lender – a new lending relationship for Oportun
- Jefferies, as mezzanine lender – an existing, longstanding lender to Oportun
- Three-year revolving period
- Collateralized by Oportun’s unsecured and secured loan originations
“This new warehouse facility demonstrates Oportun’s continued ability to both attract new investors as well as build on longstanding investor relationships”, said Jonathan Coblentz, Chief Financial Officer of Oportun. “With the support of our lenders at Deutsche Bank and Jefferies, this long-term 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. Orrick, Herrington & Sutcliffe LLP served as legal advisor to the Company on the transaction.
About Oportun
Oportun (Nasdaq: OPRT) is a mission-driven fintech 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 Deutsche Bank
Deutsche Bank (NYSE: DB) provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network.
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.
FAQ
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