Oportun completes $275 million asset-backed securitization, its 12th to date

SAN CARLOS, CA – October 22, 2018 – Oportun, a Community Development Financial Institution (CDFI) providing inclusive, affordable financial services that empower customers to build a better future, today announced its 12th securitization, an issuance of $275 million of three-year asset-backed bonds secured by a pool of its installment loans.

The Class A, Class B, Class C and Class D bonds that were issued received ratings of A+ (sf), BBB+ (sf), BB (sf) and B(sf), respectively, from Kroll Bond Rating Agency.  The Class A, Class B,  Class C  and Class D bonds were placed with a diversified mix of institutional investors in a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended.  Morgan Stanley & Co. LLC  was the lead book-running manager. Goldman Sachs & Co. LLC and Jefferies LLC were joint book-runners.

Oportun Chief Financial Officer Jonathan Coblentz was pleased with investors’ reception of the offering. “Oportun benefits from our well-established asset-backed securitization platform which has attracted a diverse and growing base of institutional investors,” said Coblentz.

Oportun’s goal is to serve the low-to-moderate income adults in the United States who have trouble accessing affordable credit either because they lack credit history or because their credit scores do not accurately reflect their creditworthiness. “We are committed to building a sustainable business that helps people shut out of the financial mainstream,” said Oportun CEO Raul Vazquez. “We help them move forward with their lives by providing the credit they need to take care of unexpected expenses or take advantage of new opportunities. And we help open the door to new opportunities by reporting their accounts to the credit bureaus so they can begin to establish credit history.”

Oportun issued its first securitization in June 2013.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

ABOUT OPORTUN

Oportun is a mission-driven, technology-powered provider of inclusive, affordable financial services and a certified Community Development Financial Institution. By lending money to hardworking, low-to-moderate income individuals, Oportun helps them move forward in their lives, demonstrate their creditworthiness, and establish the credit history they need to access new opportunities. Oportun operates 300 retail locations and delivers bilingual (English/Spanish) customer service through retail locations, contact centers, and mobile to customers in twelve states: Arizona, California, Florida, Idaho, Illinois, Missouri, Nevada, New Jersey, New Mexico, Texas, Utah, and Wisconsin.