debt
confidence high
sentiment neutral
materiality 0.60
OppFi subsidiary enters $75M total return swaps on consumer receivables with Midtown Madison
OppFi Inc.
- OppFi-LLC enters TRS with Midtown Madison affiliates providing credit protection on $75M revolving credit facility backed by consumer receivables.
- TRS allows OppFi-LLC to obtain economic benefit of receivables without ownership, with payments based on interest and principal losses.
- TRS terminates on earliest of April 2024 commitment termination, assignment to OppFi-LLC, or April 2025 final maturity.
- OppFi-LLC also enters servicing agreement to service the consumer receivables financed through the credit agreement.