Oportun Financial Corp (OPRT): debt financing — Oportun closes $197M structured financing facility with Castlelake at 10.05% blended rate

Oportun Financial Corp

Borrowed $197M under Receivables Loan and Security Agreement; blended interest rate 10.05%.
Proceeds to finance origination of personal loan products; facility closed October 20, 2023.
Follows prior $400M whole loan flow sale agreement with Castlelake for personal loan originations over 12 months.
Company must maintain minimum tangible net worth and unrestricted cash while borrowings outstanding.
Castlelake has invested >$4B in consumer credit since 2015; Oportun maintains diverse capital sources.

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 loan of $197 million with certain lenders from time to time party thereto and Wilmington Trust, National Association at 10.05%.

Instrument: loan
Principal: $197 million
Counterparty: certain lenders from time to time party thereto and Wilmington Trust, National Association
Rate: 10.05%
Event: incurrence

Exact text from the filing

paying agent and account bank (in such capacities, respectively, the “Administrative Agent,” the “Paying Agent” and the “Account Bank”), pursuant to which the Borrower borrowed $197 million. Borrowings under the Receivables Loan and Security Agreement accrue interest at a blended rate equal to 10.05%. Under the terms of the Receivables Loan and Security Agreement,

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Oportun Financial Corp entered into Receivables Loan and Security Agreement with certain lenders from time to time party thereto and Wilmington Trust, National Association as administrative agent, paying agent and account bank valued at $197 million (effective 2023-10-20).

Action: entry
Agreement: credit facility
Counterparty: certain lenders from time to time party thereto and Wilmington Trust, National Association as administrative agent, paying agent and account bank
Value: $197 million
Effective: 2023-10-20

Exact text from the filing

Oportun CL Trust 2023-A (the “Borrower”), Oportun, Inc. (the “Seller”), and Oportun CL Depositor, LLC, (the “Depositor”), each subsidiaries of the Company, entered into a Receivables Loan and Security Agreement (the “Receivables Loan and Security Agreement”) with certain lenders from time to time party thereto (the “Lenders”) and Wilmington Trust, National Association as administrative agent, paying agent and account bank (in such capacities, respectively, the “Administrative Agent,” the “Paying Agent” and the “Account Bank”), pursuant to which the Borrower borrowed $197 million.

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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 0001538716-23-000165

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