Oportun Closes $ 279.4 Million Asset-Backed

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SAN CARLOS, Calif., Aug. 01, 2019 (GLOBE NEWSWIRE) – Oportun Financial Corporation (“Oportun”), a high-growth, mission-driven community development financial institution (“CDFI”) that provides inclusive financial services and affordable through a deep, data-driven understanding of its clients and proprietary cutting-edge technology, today announced the issuance of $ 279.4 million in three-year asset-backed bonds guaranteed by a pool of his personal installment loans.

The offering included four classes of fixed rate bonds: Class A, Class B, Class C and Class D bonds which were rated A + (sf), BBB + (sf), BB (sf) and B (sf), respectively, from Kroll Bond Rating Agency. The Class A and Class B bonds were placed with a diverse pool of institutional investors as part of a private offering in accordance with Rule 144A of the Securities Act of 1933, as amended. Class C and Class D bonds will be held by an affiliate of Oportun. The Class A and Class B bonds carried a weighted average fixed interest rate of 3.25% per annum. Morgan Stanley & Co. LLC acted as Senior Bookrunner with Goldman Sachs & Co. LLC and Jefferies LLC as Associate Bookkeepers, and Natixis Securities Americas LLC as Co-Manager.

“This oversubscribed securitization demonstrates the confidence our investors have in our company,” said Jonathan Coblentz, Chief Financial Officer of Oportun. “This is also our first securitization to be pre-funded, giving us the flexibility of capital we need today by investing in loans we will make in the future.”

“Our mission is to provide inclusive and affordable financial services that empower the approximately 100 million people in the United States who have no credit rating or have been badly rated,” said Raul Vazquez, CEO of Opportun . “This securitization allows us to continue our mission of providing affordable and empowering financial services to our clients, the majority of whom earn low to moderate incomes and are generally excluded from the general financial public.”

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 and there will be no sale of such securities in any jurisdiction in which such an offer, solicitation or sale would be illegal prior to registration. or qualification under securities laws. of such jurisdiction.

ABOUT OPORTUN

Oportun is a high-growth, mission-driven CDFI and inclusive and affordable financial services provider powered by deep, data-driven understanding of its clients and advanced proprietary technology. By lending money to hardworking and low to moderate income people, Oportun helps them move forward with their lives, demonstrate creditworthiness, and build the credit history they need to access new opportunities. Oportun serves clients online, by phone or in person in English and Spanish in the following 12 states: Arizona, California, Florida, Idaho, Illinois, Missouri, Nevada, New Jersey, New Mexico, Texas, Utah and Wisconsin.

PRESS CONTACT
Brendan Lahiff
Trailrunner International for Oportun
(415) 867-5967
brendan.lahiff@trailrunnerint.com

CONTACT INVESTOR RELATIONS
Nils Erdmann
(650) 232-9588
Nils.Erdmann@oportun.com

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