CPSS - CPS announces $332.9M senior subordinate asset-backed securitization

2023-04-28 09:16:04 ET

• Consumer Portfolio Services ( NASDAQ: CPSS ) has announced the closing of its second term securitization in 2023 on, April 26, 2023.
• In the transaction, qualified institutional buyers purchased $332.9M of asset-backed notes secured by $369.9M in automobile receivables originated by CPS.
• The 2023-B transaction has initial credit enhancement consisting of a cash deposit equal to 1% of the original receivable pool balance and overcollateralization of 10%.
• 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% of the then outstanding pool balance.

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