Oportun Financial completes $441M asset backed securitization

Oportun announced the issuance of $441M of two-year revolving fixed rate asset-backed notes secured by a pool of unsecured and secured installment loans. The offering included five classes of fixed rate notes: Class A, Class B, Class C, Class D, and Class E. Fitch rated all classes of notes, assigning ratings of AAA, AA-, A-, BBB-, and BB-, respectively. Deutsche Bank Securities Inc served as the sole structuring agent and co-lead, and Goldman Sachs & Co. LLC, Jefferies LLC and Natixis Corporate & Investment Banking also served as co-leads. The weighted average coupon on the transaction was 5.69%, and the weighted average yield was 5.77%. The Class A notes were priced with a coupon of 4.53% per annum; the Class B notes were priced with a coupon of 5.31% per annum; the Class C notes were priced with a coupon of 5.80% per annum; the Class D notes were priced with a coupon of 6.97% per annum; and the Class E notes were priced with a coupon of 10.82% per annum.