Oportun enters $235M senior secured term loan with Castlelake and Neuberger Berman

Oportun Financial Corp

Oportun signed $235 million Credit Agreement with Castlelake and Neuberger Berman on October 23, 2024 to refinance existing debt.
Loan bears 15% interest, matures in 4 years, with mandatory repayments of $12.5M by July 2025 and $27.5M by Jan 2026.
Lenders receive warrants for 9.8% of fully-diluted shares at $0.01 per share, plus board observer rights.
Preliminary Q3 2024 results: Total Revenue $249-251M, Adjusted EBITDA $28-31M, Net Loss $(30-32)M, meeting guidance.
Company expects 2025 Diluted EPS of $0.25-$0.50 and Adjusted EPS of $1.00-$1.25, with net charge-off rate 11-12%.

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