Loans for a better future Oportun Loans for a better future Oportun

What language do you prefer? | ¿Qué idioma prefieres?

Loans for a better future Oportun
Oportun Completes its Ninth Asset-Backed Securitization in the Amount of $200 Million - Oportun

Oportun Completes its Ninth Asset-Backed Securitization in the Amount of $200 Million

//Oportun Completes its Ninth Asset-Backed Securitization in the Amount of $200 Million

Oportun Completes its Ninth Asset-Backed Securitization in the Amount of $200 Million

REDWOOD CITY, CAOportun, a mission-driven financial services company that provides personal loans to people with little or no credit history, recently announced its ninth securitization, an issuance of $200 million of three-year, asset-backed bonds secured by a pool of its installment loans, which closed on October 11, 2017.

The Class A, Class B, and Class C bonds that were issued received ratings of A+ (sf), BBB+ (sf) and BB (sf), respectively, from Kroll Bond Rating Agency.  The bonds were placed with a diversified mix of institutional investors in a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended. Goldman Sachs & Co. was the lead book-running manager. Jefferies and Morgan Stanley were joint book-runners.

According to Oportun Chief Financial Officer Jonathan Coblentz, this securitization is the company’s largest bond transaction to date.  “Our latest bond offering was well received and validates our progress in building a robust asset-backed securitization issuance platform with a diverse and growing base of institutional investors.  We received upgraded ratings from Kroll Bond Rating Agency and added a Class C tranche, which allowed us to increase our advance rate on the transaction.”

Oportun CEO Raul Vazquez explained the importance of the transaction in supporting Oportun’s mission. “If you are one of the estimated 45 million people in the U.S. with little or no credit history, your options are quite limited if you need to borrow money for an unexpected expense or larger purchase,” said Vazquez. “We provide affordable loans to people other companies consider ‘unscoreable’ and help them establish the credit history they need to build a better future. Moreover, we have been able to do so while building a scalable and profitable company. This latest bond offering will ensure that we can help even more people.”

Oportun issued its first securitization in June 2013.

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.

For more information about Oportun, please visit Oportun.com.

About Oportun

Oportun is a mission-driven financial services company that uses advanced data analytics and technology to provide responsible, affordable personal loans to people with little or no credit history so they can establish credit and build a better future. The company’s centralized data analytics system calculates each loan applicant’s ability to repay, approves those loans the company believes can be paid back, and sets loan amounts and terms to fit individual budgets. Customer account information is also reported to credit bureaus to help customers establish credit history.

Since its founding in 2005, Oportun has helped more than a million customers by disbursing more than $4 billion through more than two million small dollar loans. According to research commissioned by Oportun and conducted by the Center for Financial Services Innovation (CFSI), a leading authority in consumer financial health, Oportun customers have saved more than $962 million by choosing Oportun loans instead of one of the other options widely available to people with little or no credit history, such as auto-title, payday, and pawn loans. Those alternatives are four times more expensive on average, but can be up to seven times more expensive. Oportun operates more than 250 retail locations and delivers bilingual (English/Spanish) customer service via retail locations, contact centers, and mobile to customers in Arizona, California, Illinois, Missouri, Nevada, New Mexico, Texas, and Utah.

By | 2017-11-09T20:23:36+00:00 Octubre 11th, 2017|Sala de Prensa|0 Comments