OppFi Inc. filed an 8-K with the U.S. Securities and Exchange Commission on September 21, 2026, disclosing a $75.0 million initial borrowing under a Senior Secured Multi-Draw Term Loan Agreement dated August 10, 2026, and reporting that BNCC stockholders approved OppFi's pending acquisition at a special meeting held September 17, 2026.

Key Highlights

  • $75.0 million borrowed: OppFi's subsidiary drew $75.0 million on September 15, 2026, under a facility with maximum borrowings of $100.0 million.
  • Fixed interest rate: The rate is 12.50% per annum prior to the BNCC acquisition closing, rising to 13.50% per annum thereafter.
  • Original issue discount: Each funded loan is subject to a 1.25% original issue discount retained by the lenders at the time of each draw.
  • Remaining availability: $25.0 million remains available to be drawn through February 10, 2027, in minimum increments of $5.0 million or the remaining undrawn commitment, whichever is less.
  • Maturity and amortization: The facility matures four years from September 15, 2026, with semi-annual amortization payments of 10% of aggregate principal funded.
  • BNCC stockholder vote: At a special meeting on September 17, 2026, BNCC stockholders adopted the Merger Agreement and approved the transactions contemplated by it.

OppFi Subsidiary Draws $75M Term Loan to Support Receivables Growth

According to the filing, the borrower is Opportunity Funding SPE Residual, LLC, a direct wholly owned subsidiary of Opportunity Financial, LLC, which is itself a subsidiary of OppFi Inc. (NYSE:OPFI). The loan was drawn on September 15, 2026, under a Senior Secured Multi-Draw Term Loan Agreement entered into on August 10, 2026, with UMB Bank, N.A. serving as administrative agent and collateral agent, and Sertoma Park LLC named as one of the lenders. The company disclosed that OppFi-LLC entered into a guaranty in favor of the agents and that both OppFi-LLC and the borrower granted a security interest in all of their assets. For the borrower, the filing states those assets "consist primarily of its equity interests in two Company special purpose vehicles that hold consumer loan receivables."

The agreement is subject to a borrowing base and financial covenants that differ depending on whether the BNCC acquisition has closed. Prior to that closing, covenants include minimum tangible net worth, liquidity, and maximum consolidated debt to tangible net worth requirements. Following the closing, capital and leverage ratios apply instead. The filing notes that prepayments exceeding a specified threshold during any twelve-month period until the third anniversary of the August 10, 2026 closing date are subject to additional interest. The filing also states that immediately prior to the BNCC acquisition closing, the borrower's obligations will be automatically assumed by a new special purpose vehicle under a replacement term loan agreement attached as an appendix to the existing agreement, and OppFi-LLC's guaranty and all-assets lien will each be released.

The company stated it "intends to use the proceeds of the Initial Borrowing to support its ongoing growth in finance receivables and for working capital and general corporate purposes." Regarding the BNCC acquisition, the filing notes that completion "remains subject to the satisfaction or waiver of the remaining customary closing conditions, including regulatory approvals." The full text of the loan agreement will be filed as an exhibit to OppFi's Form 10-Q for the quarter ending September 30, 2026.

What Was Disclosed

OppFi's 8-K reported a $75.0 million term loan draw by a subsidiary on September 15, 2026, under a $100.0 million facility at a fixed rate of 12.50% per annum, and disclosed that BNCC stockholders voted to approve OppFi's pending acquisition on September 17, 2026.