CPS Announces $286.1 Million Senior Subordinate Asset-Backed Securitization
2023年10月25日 - 4:40AM
Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the
“Company”) announced the closing of its fourth term securitization
in 2023 on Tuesday, October 24, 2023. The transaction is CPS's 49th
senior subordinate securitization since the beginning of 2011 and
the 32nd 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 $286.1 million of asset-backed notes secured by
$306.7 million in automobile receivables originated by CPS. The
sold notes, issued by CPS Auto Receivables Trust 2023-D, consist of
five classes. Ratings of the notes were provided by Standard &
Poor’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 Class |
Amount(in millions) |
Interest Rate |
AverageLife (years) |
Price |
S&P’sRating |
DBRSRating |
A |
$131.113 |
6.40% |
0.66 |
99.99776% |
AAA |
AAA |
B |
$38.490 |
6.78% |
1.70 |
99.99799% |
AA |
AA |
C |
$49.686 |
7.17% |
2.36 |
99.98140% |
A |
A |
D |
$33.737 |
7.80% |
3.25 |
99.99172% |
BBB |
BBB |
E |
$33.123 |
10.13% |
4.01 |
99.96993% |
NR |
BB |
The weighted average coupon on the notes is
approximately 7.89%.
The 2023-D transaction has initial credit
enhancement consisting of a cash deposit equal to 1.00% of the
original receivable pool balance and overcollateralization of
6.70%. The transaction agreements require accelerated payment of
principal on the notes to reach overcollateralization of the lesser
of 9.70% of the original receivable pool balance, or 26.75% 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
Consumer Portfolio Servi... (NASDAQ:CPSS)
過去 株価チャート
から 11 2024 まで 12 2024
Consumer Portfolio Servi... (NASDAQ:CPSS)
過去 株価チャート
から 12 2023 まで 12 2024