Oportun Financial Corp (OPRT): debt financing — Oportun draws $25M incremental term loans; issues warrants for ~1.05M shares at $0.01

Oportun Financial Corp

Borrowed $25M in Incremental Tranche C Loans under existing credit agreement dated Sept 2022.
Issued warrants to purchase 1,048,363 shares of common stock at $0.01 per share to lenders.
Warrants are highly dilutive given exercise price far below recent stock trading levels.
No other material changes to credit agreement terms; proceeds used for general corporate purposes.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Oportun Financial Corp incurred term loan of $25 million with certain affiliates of Neuberger Berman Specialty Finance as lenders.

Instrument: term loan
Principal: $25 million
Counterparty: certain affiliates of Neuberger Berman Specialty Finance as lenders
Event: incurrence

Exact text from the filing

On June 30, 2023, Oportun Financial Corporation (the “Company”) borrowed $25 million of incremental term loans (the “Incremental Tranche C Loans”) pursuant to the Company's corporate facility entered into by and among the Company, as borrower, the subsidiaries of the Company party thereto as guarantors, certain affiliates of Neuberger Berman Specialty Finance as lenders, and Wilmington Trust, National Association, as administrative agent and collateral agent, dated as of September 14, 2022 (as amended, supplemented or otherwise modified, the “Amended Credit Agreement”).

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7 debt financings filed in the last 30 days. Browse all debt financings →

Oportun Financial Corp filing history →

Source: SEC EDGAR

accession 0001538716-23-000109

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