IRVINE, Calif., March 20, 2013 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq:CPSS) ("CPS" or the "Company") today announced the closing of its first term securitization of 2013. The transaction is CPS's eighth senior subordinate securitization since 2011.
In the transaction, qualified institutional buyers purchased $185,000,000 of asset-backed notes secured by automobile receivables purchased by CPS. The sold notes, issued by CPS Auto Receivables Trust 2013-A, 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||$142.0 million||1.31%||1.78 years||99.98709%||AA-||A1|
|B||$16.7 million||1.89%||2.06 years||99.99298%||A||A2|
|C||$11.1 million||2.79%||2.80 years||99.98747%||BBB||Baa2|
|D||$9.2 million||4.41%||2.45 years||99.98130%||BB||Ba2|
|E||$6.0 million||6.41%||2.04 years||99.99319%||B+||B2|
The weighted average effective interest rate on the notes is approximately 1.87%.The 2013-A 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 11.50% of the then-outstanding receivable pool balance.
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