IRVINE, Calif., Sept. 19, 2012 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq:CPSS) ("CPS" or the "Company") today announced the closing of its third term securitization in 2012. The transaction is CPS's sixth senior subordinate securitization since 2011.
In the transaction, qualified institutional buyers purchased $147,000,000 of asset-backed notes secured by automobile receivables purchased by CPS. The sold notes, issued by CPS Auto Receivables Trust 2012-C, consist of five classes. Ratings of the notes were provided by Standard & Poor's and Moody's 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||Interest Rate||Average Life||Price||Standard & Poor's Rating||Moody's Rating|
|A||$111.72 million||1.82%||1.69 years||99.99660%||AA-||A2|
|B||$13.23 million||2.28%||1.94 years||99.99789%||A||A2|
|C||$8.82 million||3.32%||2.69 years||99.99005%||BBB||Baa1|
|D||$7.35 million||5.11%||2.34 years||99.98666%||BB||Ba1|
|E||$5.88 million||7.50%||1.79 years||99.98923%||B+||B1|
The weighted average effective coupon on the notes is approximately 2.44%.The 2012-C transaction has initial credit enhancement consisting of a cash deposit equal to 1.00% of the original receivable pool balance. The final enhancement level requires accelerated payment of principal on the notes to reach overcollateralization of 11.00% of the then-outstanding receivable pool balance.
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