CPS Announces $110 Million Senior Subordinate Asset-Backed Securitization
Consumer Portfolio Services, Inc. (Nasdaq: CPSS) today announced the closing of its second rated term securitization in 2011. The transaction is CPS's third senior subordinate securitization since 1993.
In the transaction, qualified institutional buyers purchased $109,936,000 of asset-backed notes secured by automobile receivables purchased by CPS primarily in 2011. The sold notes, issued by CPS Auto Receivables Trust 2011-B, consist of four classes. Ratings of the notes were provided by Standard & Poor's and were based on the structure of the transaction, the historical performance of similar receivables and CPS's experience as a servicer.
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