Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries CPS Announces $332.9 Million Senior Subordinate Asset-Backed Securitization By: Consumer Portfolio Services, Inc. via GlobeNewswire April 27, 2023 at 17:50 PM EDT LAS VEGAS, Nevada, April 27, 2023 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) announced the closing of its second term securitization in 2023 on Wednesday, April 26, 2023. The transaction is CPS's 47th senior subordinate securitization since the beginning of 2011 and the 30th consecutive securitization to receive a triple “A” rating from at least two rating agencies on the senior class of notes. In the transaction, qualified institutional buyers purchased $332.9 million of asset-backed notes secured by $369.9 million in automobile receivables originated by CPS. The sold notes, issued by CPS Auto Receivables Trust 2023-B, consist of five classes. Ratings of the notes were provided by Moody’s and DBRS Morningstar, and were based on the structure of the transaction, the historical performance of similar receivables and CPS’s experience as a servicer. Note ClassAmount(in millions)Interest RateAverage Life(years)PriceMoody’sRatingDBRSRatingA$198.2515.91%0.8799.99884%AaaAAAB$25.1505.38%2.0999.98416%Aa1AAC$46.6066.04%2.7299.99667%A2AD$25.8916.34%3.4899.97104%Baa3BBB(H)E$36.98710.72%4.0299.97380%NRBB The weighted average coupon on the notes is approximately 7.17%. The 2023-B transaction has initial credit enhancement consisting of a cash deposit equal to 1.00% of the original receivable pool balance and overcollateralization of 10.00%. The transaction agreements require accelerated payment of principal on the notes to reach overcollateralization of the lesser of 11.50% of the original receivable pool balance, or 25.00% of the then outstanding pool balance. The transaction was a private offering of securities, not registered under the Securities Act of 1933, or any state securities law. All such securities having been sold, this announcement of their sale appears as a matter of record only. About Consumer Portfolio Services, Inc. Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis through the securitization markets and service the loans over their entire contract terms. Investor Relations Contact Danny Bharwani, Chief Financial Officer949-753-6811 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
CPS Announces $332.9 Million Senior Subordinate Asset-Backed Securitization By: Consumer Portfolio Services, Inc. via GlobeNewswire April 27, 2023 at 17:50 PM EDT LAS VEGAS, Nevada, April 27, 2023 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) announced the closing of its second term securitization in 2023 on Wednesday, April 26, 2023. The transaction is CPS's 47th senior subordinate securitization since the beginning of 2011 and the 30th consecutive securitization to receive a triple “A” rating from at least two rating agencies on the senior class of notes. In the transaction, qualified institutional buyers purchased $332.9 million of asset-backed notes secured by $369.9 million in automobile receivables originated by CPS. The sold notes, issued by CPS Auto Receivables Trust 2023-B, consist of five classes. Ratings of the notes were provided by Moody’s and DBRS Morningstar, and were based on the structure of the transaction, the historical performance of similar receivables and CPS’s experience as a servicer. Note ClassAmount(in millions)Interest RateAverage Life(years)PriceMoody’sRatingDBRSRatingA$198.2515.91%0.8799.99884%AaaAAAB$25.1505.38%2.0999.98416%Aa1AAC$46.6066.04%2.7299.99667%A2AD$25.8916.34%3.4899.97104%Baa3BBB(H)E$36.98710.72%4.0299.97380%NRBB The weighted average coupon on the notes is approximately 7.17%. The 2023-B transaction has initial credit enhancement consisting of a cash deposit equal to 1.00% of the original receivable pool balance and overcollateralization of 10.00%. The transaction agreements require accelerated payment of principal on the notes to reach overcollateralization of the lesser of 11.50% of the original receivable pool balance, or 25.00% of the then outstanding pool balance. The transaction was a private offering of securities, not registered under the Securities Act of 1933, or any state securities law. All such securities having been sold, this announcement of their sale appears as a matter of record only. About Consumer Portfolio Services, Inc. Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis through the securitization markets and service the loans over their entire contract terms. Investor Relations Contact Danny Bharwani, Chief Financial Officer949-753-6811
LAS VEGAS, Nevada, April 27, 2023 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) announced the closing of its second term securitization in 2023 on Wednesday, April 26, 2023. The transaction is CPS's 47th senior subordinate securitization since the beginning of 2011 and the 30th consecutive securitization to receive a triple “A” rating from at least two rating agencies on the senior class of notes. In the transaction, qualified institutional buyers purchased $332.9 million of asset-backed notes secured by $369.9 million in automobile receivables originated by CPS. The sold notes, issued by CPS Auto Receivables Trust 2023-B, consist of five classes. Ratings of the notes were provided by Moody’s and DBRS Morningstar, and were based on the structure of the transaction, the historical performance of similar receivables and CPS’s experience as a servicer. Note ClassAmount(in millions)Interest RateAverage Life(years)PriceMoody’sRatingDBRSRatingA$198.2515.91%0.8799.99884%AaaAAAB$25.1505.38%2.0999.98416%Aa1AAC$46.6066.04%2.7299.99667%A2AD$25.8916.34%3.4899.97104%Baa3BBB(H)E$36.98710.72%4.0299.97380%NRBB The weighted average coupon on the notes is approximately 7.17%. The 2023-B transaction has initial credit enhancement consisting of a cash deposit equal to 1.00% of the original receivable pool balance and overcollateralization of 10.00%. The transaction agreements require accelerated payment of principal on the notes to reach overcollateralization of the lesser of 11.50% of the original receivable pool balance, or 25.00% of the then outstanding pool balance. The transaction was a private offering of securities, not registered under the Securities Act of 1933, or any state securities law. All such securities having been sold, this announcement of their sale appears as a matter of record only. About Consumer Portfolio Services, Inc. Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis through the securitization markets and service the loans over their entire contract terms. Investor Relations Contact Danny Bharwani, Chief Financial Officer949-753-6811
