Oportun Completes $425 Million Asset Backed Securitization
Oportun (OPRT) has successfully completed a $425 million asset-backed securitization of one-year revolving fixed rate notes, secured by unsecured and secured installment loans. The transaction was over seven times oversubscribed and achieved a 6.95% average yield, marking a 127 basis point improvement from their August 2024 ABS financing.
The offering included five classes of fixed rate notes (Class A through E), rated by KBRA from AA- to B-. The weighted average coupon was 6.15%, with individual class coupons ranging from 5.01% to 10.00%. Deutsche Bank Securities acted as the sole structuring agent and co-lead, alongside Goldman Sachs and Jefferies.
Since June 2023, including this transaction, Oportun has raised approximately $2.8 billion in diversified financings through whole loan sales, securitizations, and warehouse agreements from fixed income investors and banks.
Oportun (OPRT) ha completato con successo una securitizzazione garantita da attivi di 425 milioni di dollari di note a tasso fisso revolving della durata di un anno, garantite da prestiti rateali garantiti e non. La transazione è stata sovrascrittata oltre sette volte e ha raggiunto un rendimento medio del 6,95%, segnando un miglioramento di 127 punti base rispetto al loro finanziamento ABS di agosto 2024.
L'offerta includeva cinque classi di note a tasso fisso (Classe A fino a E), classificate da KBRA da AA- a B-. Il tasso medio ponderato era del 6,15%, con tassi di interesse per classe che variavano dal 5,01% al 10,00%. Deutsche Bank Securities ha agito come unico agente di strutturazione e co-leader, insieme a Goldman Sachs e Jefferies.
Dal giugno 2023, compresa questa transazione, Oportun ha raccolto circa 2,8 miliardi di dollari in finanziamenti diversificati attraverso la vendita di prestiti completi, securitizzazioni e accordi di warehouse da investitori a reddito fisso e banche.
Oportun (OPRT) ha completado con éxito una securitización respaldada por activos de 425 millones de dólares de notas a tasa fija revolving de un año, garantizadas por préstamos a plazos asegurados y no asegurados. La transacción fue más de siete veces sobre suscrita y logró un rendimiento promedio del 6.95%, marcando una mejora de 127 puntos básicos con respecto a su financiamiento ABS de agosto de 2024.
La oferta incluyó cinco clases de notas a tasa fija (Clase A a E), calificadas por KBRA de AA- a B-. El cupón promedio ponderado fue del 6.15%, con cupones de clase individual que varían del 5.01% al 10.00%. Deutsche Bank Securities actuó como el único agente estructurador y co-líder, junto a Goldman Sachs y Jefferies.
Desde junio de 2023, incluida esta transacción, Oportun ha recaudado aproximadamente 2.8 mil millones de dólares en financiamientos diversificados a través de la venta de préstamos completos, securitizaciones y acuerdos de almacén de inversores de renta fija y bancos.
Oportun (OPRT)는 4억 2,500만 달러 규모의 자산 담보 증권화를 성공적으로 완료했습니다. 이는 unsecured와 secured 할부 대출로 담보된 1년 만기 고정 금리 회전 노트입니다. 이번 거래는 7배 이상 초과 구독되었으며 평균 수익률은 6.95%에 달하여 2024년 8월 ABS 금융에서 127bp 개선되었습니다.
제공된 것은 KBRA에서 AA-에서 B-까지 등급을 부여받은 5개의 고정 금리 노트 클래스(클래스 A에서 E)로 구성되었습니다. 가중 평균 쿠폰은 6.15%였고, 개별 클래스 쿠폰은 5.01%에서 10.00%까지 다양했습니다. Deutsche Bank Securities는 Goldman Sachs 및 Jefferies와 함께 유일한 구조화 에이전트이자 공동 리더로 활동했습니다.
2023년 6월 이후, 이번 거래를 포함하여 Oportun은 고정 수입 투자자 및 은행의 전체 대출 판매, 증권화, 창고 계약을 통해 약 28억 달러를 조달했습니다.
Oportun (OPRT) a réussi à achever une ségrégation d'actifs de 425 millions de dollars de billets à taux fixe tournants d'un an, garantis par des prêts à tempérament garantis et non garantis. La transaction a été sursouscrite plus de sept fois et a atteint un rendement moyen de 6,95%, marquant une amélioration de 127 points de base par rapport à leur financement ABS d'août 2024.
L'offre comprenait cinq classes de billets à taux fixe (Classe A à E), notées par KBRA de AA- à B-. Le coupon moyen pondéré était de 6,15%, avec des coupons individuels de classe variant de 5,01 % à 10,00 %. Deutsche Bank Securities a agi en tant qu'agent structurant unique et co-leader, aux côtés de Goldman Sachs et Jefferies.
Depuis juin 2023, y compris cette transaction, Oportun a levé environ 2,8 milliards de dollars en financements diversifiés par le biais de ventes de prêts complets, de ségrégations et de contrats d'entrepôt auprès d'investisseurs à revenu fixe et de banques.
Oportun (OPRT) hat erfolgreich eine verbriefte Vermögenssicherung in Höhe von 425 Millionen Dollar für ein Jahr rotierende Festzinsanleihen abgeschlossen, die durch ungesicherte und gesicherte Ratenkredite abgesichert sind. Die Transaktion wurde über siebenmal überzeichnet und erreichte eine durchschnittliche Rendite von 6,95%, was eine Verbesserung um 127 Basispunkte im Vergleich zu ihrer ABS-Finanzierung im August 2024 darstellt.
Das Angebot umfasste fünf Klassen von Festzinsanleihen (Klasse A bis E), die von KBRA mit AA- bis B- bewertet wurden. Der gewichtete durchschnittliche Kupon betrug 6,15%, wobei die einzelnen Klassenzinssätze von 5,01% bis 10,00% reichten. Deutsche Bank Securities fungierte als alleiniger strukturierender Agent und Co-Leiter zusammen mit Goldman Sachs und Jefferies.
Seit Juni 2023 hat Oportun, einschließlich dieser Transaktion, etwa 2,8 Milliarden Dollar an diversifizierten Finanzierungen durch den Verkauf von Gesamtdarlehen, Verbriefungen und Lagerverträgen von festverzinslichen Investoren und Banken gesammelt.
- Secured $425 million in asset-backed securitization
- Transaction was 7x oversubscribed, indicating strong investor demand
- 127 basis points lower yield compared to August 2024 financing
- Raised $2.8 billion in diversified financings since June 2023
- Improved credit performance noted in loan originations
- None.
Insights
This
The five-tranche structure, ranging from AA- to B- ratings, provides diverse investment options while optimizing capital costs. The Class A notes'
The
The improved pricing terms reflect strengthening credit fundamentals in Oportun's loan portfolio. The
The revolving structure provides flexibility in managing the collateral pool while maintaining credit quality. The tiered pricing across tranches, from
The high oversubscription rate is particularly noteworthy as it indicates strong investor confidence in the company's credit underwriting and risk management capabilities. This successful execution should positively impact future funding costs and capital market access, creating a virtuous cycle for the company's funding strategy.
Transaction over seven times oversubscribed
SAN CARLOS, Calif., Jan. 16, 2025 (GLOBE NEWSWIRE) -- Oportun (Nasdaq: OPRT), a mission-driven financial services company, today announced the issuance of
The offering included five classes of fixed rate notes: Class A, Class B, Class C, Class D, and Class E. KBRA rated all classes of notes, assigning ratings of AA-, A-, BBB-, BB-, and B-, respectively. Deutsche Bank Securities Inc. served as the sole structuring agent and co-lead, and Goldman Sachs & Co. LLC and Jefferies also served as co-leads.
The weighted average coupon on the transaction was
“I’m pleased that fixed income investors have responded favorably as Oportun has continued to originate high-quality loans with improved credit performance. This securitization was more than seven times oversubscribed and priced at an average yield 127 basis points lower than our prior August 2024 ABS financing,” said Jonathan Coblentz, Chief Financial Officer at Oportun. “Since June of 2023 and inclusive of this transaction, Oportun has raised approximately
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
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
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