Oportun extends warehouse facility to $306M and agrees to sell credit card portfolio to Continental Finance

Oportun Financial Corp

Amended personal loan warehouse facility to $306.45M total commitment with a two-year revolving period, effective Sep 20, 2024.
Borrowings under amended facility bear interest at Term SOFR plus weighted average spread of 3.45%, with advance rate of 95% (reducible to 92%).
Entered Receivables Purchase Agreement on Sep 24, 2024 to sell credit card portfolio to Continental Purchasing, LLC.
Sale price equals ~70% of the receivables balance of current and <30-day delinquent receivables; closing anticipated on or around Nov 10, 2024.
Sale expected to be accretive by ~$2M to Adj. EBITDA in 2024 and ~$11M in 2025.

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