Oportun Financial Corp. Enters New Credit Facility
Ticker: OPRT · Form: 8-K · Filed: Nov 22, 2024 · CIK: 1538716
| Field | Detail |
|---|---|
| Company | Oportun Financial CORP (OPRT) |
| Form Type | 8-K |
| Filed Date | Nov 22, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.0001, $429.03 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: credit-facility, debt-obligation, financing
TL;DR
Oportun just inked a new credit deal, boosting their borrowing power.
AI Summary
On November 22, 2024, Oportun Financial Corp. entered into a material definitive agreement, specifically a new credit facility. This agreement creates a direct financial obligation for the company, impacting its financial structure and obligations.
Why It Matters
This new credit facility provides Oportun with additional financial flexibility, which could support its lending operations and growth strategies.
Risk Assessment
Risk Level: medium — Entering into new financial obligations can introduce risks related to debt servicing and market conditions.
Key Players & Entities
- Oportun Financial Corp. (company) — Registrant
- November 22, 2024 (date) — Date of Report
- 2 Circle Star Way, San Carlos, CA 94070 (location) — Principal Executive Offices
- Progreso Financiero Holdings, Inc. (company) — Former Company Name
FAQ
What type of material definitive agreement did Oportun Financial Corp. enter into?
Oportun Financial Corp. entered into a material definitive agreement that creates a direct financial obligation for the registrant.
On what date was this Form 8-K filed?
This Form 8-K was filed on November 22, 2024.
What is the principal executive office address for Oportun Financial Corp.?
The principal executive office address is 2 Circle Star Way, San Carlos, CA 94070.
What was Oportun Financial Corp.'s former company name?
Oportun Financial Corp.'s former company name was Progreso Financiero Holdings, Inc.
Under which section of the Securities Exchange Act of 1934 is this report filed?
This report is filed pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934.
Filing Stats: 568 words · 2 min read · ~2 pages · Grade level 13 · Accepted 2024-11-22 17:26:49
Key Financial Figures
- $0.0001 — ange on which registered Common Stock, $0.0001 par value per share OPRT Nasdaq Global
- $429.03 million — the borrowing capacity to approximately $429.03 million. Under the Master Amendment, borrowings
Filing Documents
- oprt-20241122.htm (8-K) — 27KB
- 0001538716-24-000144.txt ( ) — 148KB
- oprt-20241122.xsd (EX-101.SCH) — 2KB
- oprt-20241122_lab.xml (EX-101.LAB) — 21KB
- oprt-20241122_pre.xml (EX-101.PRE) — 12KB
- oprt-20241122_htm.xml (XML) — 3KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement Personal Loan Warehouse Amendment On November 22, 2024, OportunPLWTrust, a subsidiary of the Company, Wilmington Trust, National Association as collateral agent, administrative agent, paying agent, securities intermediary and depositary bank and certain lenders from time to time party thereto, entered into an Amendment to the Loan and Security Agreement, dated as of September 8, 2021, as amended (the "PLWAmendment"), and other related documents (together with the PLW Amendment, the "Master Amendment") to amend certain provisions to increase the borrowing capacity to approximately $429.03 million. Under the Master Amendment, borrowings will accrue interest at a rate equal to Term SOFR plus a weighted average spread of 3.35%. The foregoing description of the Master Amendment does not purport to be complete and is qualified in its entirety by reference to the text of the PLW Amendment, a copy of which will be filed as an exhibit to the Company's Annual Report on Form 10-K. Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant The disclosure provided in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.03.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits Exhibit Number 104 Cover Page Interactive Data File embedded within the Inline XBRL document SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. OPORTUN FINANCIAL CORPORATION (Registrant) Date: November 22, 2024 By: /s/ Jonathan Coblentz Jonathan Coblentz Chief Financial Officer and Chief Administrative Officer (Principal Financial Officer)