---
schema_version: "secwatch.filing_event.v1"
accession: "0001538716-24-000028"
form_type: "8-K"
ticker: "OPRT"
cik: "0001538716"
company_name: "Oportun Financial Corp"
filed_at: "2024-03-14T23:59:59+00:00"
generated_at: "2026-06-04T19:26:52.959712+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Oportun obtains 3-month principal payment holiday, tighter asset coverage covenants in debt amendments

## Summary
- Eighth RF Amendment grants $5.7M/month payment holiday for March, April, May 2024; extends RF facility term to January 2025.
- Credit Agreement Amendment modifies asset coverage ratio covenant: from 0.71:1.0 (Mar 2024) stepping up to 1.50:1.0 (Apr 2025).
- Interest rate on credit facility steps up 3% per annum if asset coverage ratio stays below 1.00:1.00 starting August 2024.
- Credit agreement requires monthly principal payments of $5.7M in March, April, May 2024 (redirected from RF facility).
- Proceeds from junior debt must go to principal payments under credit agreement.

## SEC filing metadata
- accession: 0001538716-24-000028
- form_type: 8-K
- ticker: OPRT
- cik: 0001538716
- company_name: Oportun Financial Corp
- filed_at: 2024-03-14T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1538716/000153871624000028/0001538716-24-000028-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1538716/000153871624000028/oprt-20240308.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001538716-24-000028
- JSON: https://secwatch.observer/filing/0001538716-24-000028.json
- Plain text: https://secwatch.observer/filing/0001538716-24-000028.txt

## Key facts
- Material Agreements
  Oportun Financial Corp entered into Eighth Amendment to the Indenture (Eighth RF Indenture Amendment) with Wilmington Trust, National Association valued at Provides for a three-month principal payment holiday for March, April and May 2024 in amounts equal (effective 2024-03-08).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Wilmington Trust, National Association
  - Value: Provides for a three-month principal payment holiday for March, April and May 2024 in amounts equal
  - Effective: 2024-03-08
  source text: On March 8, 2024, Oportun RF, LLC (the “RF Issuer”), a subsidiary of Oportun Financial Corporation (the “Company”), and Wilmington Trust, National Association, as indenture trustee, securities intermediary and depositary bank, entered into the Eighth Amendment to the Indenture (the “RF Indenture”) dated December 20, 2021 (the “Eighth RF Indenture Amendment”), and other related documents (together with the Eighth RF Indenture Amendment, the “Eighth RF Amendment”) related to the Company’s asset-backed variable funding facility secured by certain residual cash flows from the Company’s securitizations.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1538716/000153871624000028/0001538716-24-000028-index.htm
- Material Agreements
  Oportun Financial Corp entered into Amendment No. 3 to the Credit Agreement (Third Amendment) with certain affiliates of Neuberger Berman Specialty Finance as lenders, and Wilmington Trust, National Association, as administrative agent and collateral agent valued at Modifies minimum asset coverage ratio covenant levels, provides for an interest rate step-up of 3.00 (effective 2024-03-12).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: certain affiliates of Neuberger Berman Specialty Finance as lenders, and Wilmington Trust, National Association, as administrative agent and collateral agent
  - Value: Modifies minimum asset coverage ratio covenant levels, provides for an interest rate step-up of 3.00
  - Effective: 2024-03-12
  source text: On March 12, 2023, the Company entered into an Amendment No. 3 to the Credit Agreement (the “Third Amendment”), 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 (the “Agent”), which amended the Credit Agreement, dated as of September 14, 2022, as amended, by and among the Company, the lenders from time to time party thereto and the Agent.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1538716/000153871624000028/0001538716-24-000028-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.