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CPS in New $20MM Residual Financing Facility

April 15, 2013, 07:05 AM
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Consumer Portfolio Services (CPS) announced that it entered into a new $20 million five-year residual financing facility. The facility is secured by eligible residual interests in two previously securitized pools of automobile receivables. With a portion of the proceeds, the company prepaid $15 million of its senior secured debt.

Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories.

In March 2013, Consumer Portfolio Services renewed its $100 million revolving credit facility with affiliates of Goldman, Sachs & Co. and Fortress Investment Group. Under the amended terms, the facility was structured to revolve during the first two years and will amortize during years three and four. Loans under the facility will be secured by automobile receivables that CPS now holds or will purchase from dealers.

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