Oportun completes $441 million asset-backed securitization

Oportun Financial Corporation (NASDAQ: OPRT) issued $441 million in two-year revolving fixed rate asset-backed notes secured by unsecured and secured installment loans, the company announced.

The offering included five classes of fixed rate notes with Fitch ratings ranging from AAA for Class A notes to BB- for Class E notes. Deutsche Bank Securities served as sole structuring agent and co-lead, while Goldman Sachs, Jefferies and Natixis Corporate & Investment Banking served as co-leads.

The weighted average yield on the transaction was 5.77%. Individual note classes carried coupons ranging from 4.53% annually for Class A notes to 10.82% annually for Class E notes.

"This was Oportun's fourth ABS transaction of the year and our third consecutive deal with a AAA rating," said Paul Appleton, interim chief financial officer at Oportun.

The notes were offered under Rule 144A of the Securities Act of 1933. The transaction represents the third consecutive securitization where Oportun received AAA ratings on its most senior bonds.

Oportun operates as a financial services company providing lending, savings and budgeting services. Since inception, the company reports providing more than $20.3 billion in credit to customers.

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