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CPS Announces $205 Million Senior Subordinate Asset-Backed Securitization

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. 

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