IRVINE, Calif., June 19, 2013 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq:CPSS) ("CPS" or the "Company") today announced the closing of its second term securitization in 2013. The transaction is CPS's ninth senior subordinate securitization since 2011.
In the transaction, qualified institutional buyers purchased $205,000,000 of asset-backed notes secured by automobile receivables purchased by CPS. The sold notes, issued by CPS Auto Receivables Trust 2013-B, 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||$158.4 million||1.82%||1.74 years||99.98791%||AA-||A1|
|B||$18.5 million||2.43%||2.01 years||99.98668%||A||A2|
|C||$12.3 million||3.48%||2.76 years||99.99637%||BBB||Baa2|
|D||$10.2 million||4.66%||2.31 years||99.98014%||BB||Ba2|
|E||$5.6 million||6.41%||2.10 years||99.99292%||BB-||B2|
The weighted average effective coupon on the notes is approximately 2.34%.The 2013-B 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.