{"id":11782,"date":"2018-03-09T00:00:00","date_gmt":"2018-03-09T00:00:00","guid":{"rendered":"https:\/\/oportundev3.wpengine.com\/news\/oportun-completes-its-10th-asset-backed-securitization-in-the-amount-of-200-million\/"},"modified":"2022-06-01T11:57:31","modified_gmt":"2022-06-01T18:57:31","slug":"oportun-completes-its-10th-asset-backed-securitization-in-the-amount-of-200-million","status":"publish","type":"news","link":"https:\/\/oportun.com\/es\/news\/oportun-completes-its-10th-asset-backed-securitization-in-the-amount-of-200-million\/","title":{"rendered":"Oportun completes its 10th asset-backed securitization in the amount of $200 Million"},"content":{"rendered":"

SAN CARLOS, CA\u00a0\u2013\u00a0March 9, 2018\u00a0\u2013\u00a0Oportun<\/a>, a Community Development Financial Institution (CDFI) with a mission of providing personal loans that help people with little or no credit history establish credit and build a better future, today announced its 10th securitization, an issuance of $200 million of three-year, asset-backed bonds secured by a pool of its installment loans.<\/p>\n

The Class A, Class B, and Class C bonds that were issued received ratings of A+ (sf), BBB+ (sf) and BB (sf), respectively, from Kroll Bond Rating Agency.\u00a0 The 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. Jefferies was the lead book-running manager. Goldman Sachs & Co. and Morgan Stanley were joint book-runners.<\/p>\n

According to Oportun Chief Financial Officer Jonathan Coblentz, this tenth securitization reflects Oportun\u2019s success in building a robust, asset-backed securitization platform. \u201cOur bond transactions are well-received and we have a diverse and growing base of institutional investors,\u201d said Coblentz. \u201cWe were pleased with the strong ratings from Kroll Bond Rating Agency and once again added a Class C tranche, which allowed us to increase our advance rate on the transaction.\u201d<\/p>\n

Oportun CEO Raul Vazquez emphasized how these securitizations support Oportun\u2019s mission. \u201cWe believe everyone deserves access to affordable credit, whether they need money to move forward with their life or need help weathering life\u2019s emergencies,\u201d said Vazquez. \u201cWe\u2019ve figured out how to provide affordable loans to people shut out of the financial mainstream because of their lack of credit history. Thanks to this latest bond offering, we will be able to help even more people access the affordable credit they deserve.\u201d<\/p>\n

The Consumer Financial Protection Bureau (CFPB) estimates that there are 45 million people in the United States whose lack of a credit score translates into limited options if they need money for an emergency or larger expense. By choosing an Oportun loan instead of one of the other alternatives widely available to people with limited credit history, Oportun customers have already saved more than $1.1 billion, according to research commissioned by Oportun that was conducted by the Center for Financial Services Innovation (CFSI), a leading authority on consumer financial health. Those alternatives \u2014 which include payday, pawn loans and others \u2014 are four times more expensive on average but can be up to seven times more expensive.<\/p>\n

Since its founding in 2005, Oportun has served more than 1.1 million customers and disbursed nearly $5 billion in affordable, small dollar loans by using its proprietary risk engine to \u2018score the unscoreable.\u2019 Oportun reports customer accounts to two nationwide credit bureaus and has already helped nearly half a million people establish a credit score for the first time.<\/p>\n

Oportun issued its first securitization in June 2013.<\/p>\n

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.<\/em><\/p>\n

For more information about Oportun, please visit\u00a0Oportun.com<\/a>.<\/p>\n

ABOUT OPORTUN<\/strong><\/h5>\n

Oportun is a mission-driven financial services company that uses advanced data analytics and technology to provide responsible, affordable personal loans to people with little or no credit history so they can establish credit. The company\u2019s centralized system calculates each loan applicant\u2019s ability to repay, approves those loans the company believes can be paid back, and sets loan amounts and terms to fit customer budgets. Customer account information is also reported to two nationwide credit bureaus to help customers establish credit history.<\/p>\n

Oportun operates 267 retail locations and delivers bilingual (English\/Spanish) customer service via retail locations, contact centers, and mobile to customers in Arizona, California, Florida, Illinois, Missouri, Nevada, New Mexico, Texas, and Utah.<\/p>\n

In recognition of Oportun\u2019s goals of increasing economic opportunity for its clients, promoting community development, and serving low-income or underserved communities, Oportun is certified by the United States Department of Treasury as a Community Development Financial Institution or CDFI.<\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_acf_changed":false},"class_list":["post-11782","news","type-news","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/oportun.com\/es\/wp-json\/wp\/v2\/news\/11782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/oportun.com\/es\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/oportun.com\/es\/wp-json\/wp\/v2\/types\/news"}],"wp:attachment":[{"href":"https:\/\/oportun.com\/es\/wp-json\/wp\/v2\/media?parent=11782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}