OppFi Upsizes Revolving Credit Facility with Affiliates of Atalaya Capital Management to $250 Million
25 Juillet 2023 - 12:00PM
Business Wire
OppFi Inc. (NYSE:OPFI) (“OppFi” or the “Company”), a
mission-driven fintech platform that helps everyday Americans gain
access to credit with digital specialty finance products, today
announced the Company has increased its existing revolving credit
facility with affiliates of Atalaya Capital Management (“Atalaya”)
to $250 million.
“We appreciate Atalaya’s confidence in OppFi and the
strengthening of our business relationship,” said Todd Schwartz,
Chief Executive Officer and Executive Chairman of OppFi. “We expect
the additional funding capacity under this facility to generate
incremental profitable growth.”
OppFi increased its capacity under this revolving credit
facility from $200 million to $250 million, with a new tranche that
matures in 2027. The expanded commitment is intended to fund
receivables growth.
About OppFi
OppFi (NYSE: OPFI) is a mission-driven fintech platform that
helps everyday Americans gain access to credit with digital
specialty finance products. Through its unwavering commitment to
customer service, the Company supports consumers, who are turned
away by mainstream options, to build better financial health.
OppLoans by OppFi maintains a 4.5/5.0 star rating on Trustpilot
with more than 3,900 reviews, making the Company one of the top
consumer-rated financial platforms online. For more information,
please visit oppfi.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. OppFi’s actual results
may differ from its expectations, estimates and projections and
consequently, you should not rely on these forward-looking
statements as predictions of future events. Words such as "expect,"
"estimate," "project," "budget," "forecast," "anticipate,"
"intend," "plan," "may," "will," "could," "should," "believes,"
"predicts," "potential," "possible," "continue," and similar
expressions may identify forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking. These forward-looking statements include, without
limitation, OppFi’s expectations with respect to its full year 2023
guidance, the future performance of OppFi’s platform, and
expectations for OppFi’s growth and future financial performance.
These forward-looking statements are based on OppFi’s current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of
future events. These forward-looking statements involve significant
risks and uncertainties that could cause the actual results to
differ materially from the expected results. Most of these factors
are outside OppFi’s control and are difficult to predict. Factors
that may cause such differences include, but are not limited to:
the impact of general economic conditions, including economic
slowdowns, inflation, interest rate changes, recessions, and
tightening of credit markets on OppFi’s business; the impact of
COVID-19 on OppFi’s business; the impact of stimulus or other
government programs; whether OppFi will be successful in obtaining
declaratory relief against the Commissioner of the Department of
Financial Protection and Innovation for the State of California;
whether OppFi will be subject to AB 539; whether OppFi’s bank
partners will continue to lend in California and whether OppFi’s
financing sources will continue to finance the purchase of
participation rights in loans originated by OppFi’s bank partners
in California; the impact that events involving financial
institutions or the financial services industry generally, such as
actual concerns or events involving liquidity, defaults, or
non-performance, may have on OppFi’s business; risks related to the
material weakness in OppFi’s internal controls over financial
reporting; the risk that the business combination disrupts current
plans and operations; the ability to recognize the anticipated
benefits of the business combination, which may be affected by,
among other things, competition, the ability of OppFi to grow and
manage growth profitably and retain its key employees; risks
related to new products; concentration risk; costs related to the
business combination; changes in applicable laws or regulations;
the possibility that OppFi may be adversely affected by other
economic, business, and/or competitive factors; risks related to
management transitions; risks related to the restatement of OppFi’s
financial statements and any accounting deficiencies or weaknesses
related thereto; and other risks and uncertainties indicated from
time to time in OppFi’s filings with the United States Securities
and Exchange Commission, in particular, contained in the section or
sections captioned “Risk Factors.” OppFi cautions that the
foregoing list of factors is not exclusive, and readers should not
place undue reliance upon any forward-looking statements, which
speak only as of the date made. OppFi does not undertake or accept
any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements to reflect any change
in its expectations or any change in events, conditions or
circumstances on which any such statement is based.
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