Oportun, a mission-driven financial services company, made several enhancements to its debt capital structure:
- The closing of a new $247 million, three-year revolving term committed warehouse facility with Citizens Financial Group as senior lender and Community Investment Management, as mezzanine lender.
- A 12-month extension of an existing warehouse facility with Goldman Sachs as senior lender and Jefferies as mezzanine lender.
- Both warehouse facilities were priced more favorably than existing warehouse facilities and reduced overall warehouse financing costs. The structure of the other existing warehouse facilities remains unchanged.
- An increase in total committed warehouse capacity from $954 million to $1.14 billion, and an increase in the weighted average remaining term for combined warehouse facilities from 17 months to 25 months.
- The repayment of $17.5 million of higher cost corporate debt since the end of Q3/25, resulting in a total corporate debt pay-down of $50 million since the facility’s inception in October 2024.
“Reducing total warehouse financing costs while increasing committed warehouse capacity helps ensure Oportun is well placed to continue delivering for our investors and members,” Paul Appleton, interim chief financial officer at Oportun, said. “The support from our existing lender group and the addition of two new capital partners combined with Oportun’s continued focus on paying down higher cost corporate debt strengthens our balance sheet and helps the company provide affordable credit to more qualified borrowers.”
After the end Q3/25, Oportun proactively repaid the remaining $7.5 million of the $27.5 million in mandatory corporate loan payments due by January 2026, along with an additional $10 million eligible for early repayment without penalties.
Oportun has now reduced the initial October 2024 $235 million balance on its higher cost corporate financing facility to $185 million.
