CPS Announces $319.9 Million Senior Subordinate Asset-Backed Securitization
Summary
LAS VEGAS, Nevada, April 23, 2024 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (CPS or the Company) announced the closing of its second term securitization in 2024 on Tuesday April 23, 2024. The transaction is CPSs 51st senior subordinate securitization since the beginning of 2011 and the 34th 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 $319.9 million of asset-backed notes secured by $337.2 million in automobile receivables originated by CPS. The sold notes, issued by CPS Auto Receivables Trust 2024-B, consist of five classes. Ratings of the notes were provided by Standard & Poors and DBRS Morningstar, and were based on the structure of the transaction, the historical performance of similar receivables and CPSs experience as a servicer.The weighted average coupon on the notes is approximately 6.69%.The 2024-B transaction has initial credit enhancement consisting of a cash deposit equal to 1.00% of the original receivable pool balance and overcollateralization of 5.15%. All such securities having been sold, this announcement of their sale appears as a matter of record only.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.