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CPSS - CPS Announces Renewal of $200 Million Credit Facility | Benzinga
Consumer Portfolio Services Inc.
LAS VEGAS, Nevada, April 01, 2024 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (NASDAQ:CPSS) ("CPS" or the "Company") today announced that on March 29, 2024, it renewed its two-year revolving credit agreement with Ares Agent Services, L.P.
Loans under the renewed credit agreement will be secured by automobile receivables that CPS now holds, will originate directly, or will purchase from dealers in the future. CPS may borrow on a revolving basis through March 31, 2026, after which CPS will have the option to repay the outstanding loans in full or to allow them to amortize through March 31, 2028.