Business
Oportun Closes Four-Year $150 Million Senior Secured Term Loan
SAN CARLOS, Calif., Sept. 15, 2022 (GLOBE NEWSWIRE) -- Oportun Financial Corporation (Nasdaq: OPRT) (the “Company” or “Oportun”), a mission-driven fintech and
About this update from Oportun Financial Corporation
[{"type":"text","content":"SAN CARLOS, Calif., Sept. 15, 2022 (GLOBE NEWSWIRE) -- Oportun Financial Corporation (Nasdaq: OPRT) (the “Company” or “Oportun”), a mission-driven fintech and digital banking platform, today announced that it has closed a $150 million senior secured term loan due in 2026 from funds managed or sub-advised by Neuberger Berman Specialty Finance. “The capital provided by this loan will support the continued investment and growth in our business that we expect, even under the tighter credit underwriting criteria we have adopted in the current environment,” said Jonathan Coblentz, CFO of Oportun. “The loan proceeds will provide the capital and liquidity needed to support our future securitization and warehouse line financings, while this transaction once again validates the investment community’s confidence in Oportun’s business model and financial strength.” “In extending this credit facility to Oportun, Neuberger Berman is prominently investing in a leading business focused on responsibly serving communities that have historically been overlooked and inadequately supported by mainstream financial institutions,” said Zhengyuan Lu, Managing Director of Neuberger Berman. Jefferies LLC acted as financial advisor and sole arranger and Orrick, Herrington & Sutcliffe LLP served as legal advisor to the Company on the transaction. About Oportun Oportun (Nasdaq: OPRT) is an A.I.-powered digital banking platform that seeks to make financial health effortless for anyone. Driven by a mission to provide inclusive and affordable financial services, Oportun helps its over 1.8 million hardworking members meet their daily borrowing, savings, banking, and investing needs. Since inception, Oportun has provided more than $14 billion in responsible and affordable credit, saved its members more than $2.3 billion in interest and fees, and automatically helped members set aside more than $8.1 billion for rainy days and other needs. In recognition of its responsibly designed products, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009. For more information about Oportun, visit https://oportun.com. About Neuberger BermanNeuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset cla...