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IRVINE, Calif., Sept. 30, 2013 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq:CPSS) ("CPS" or the "Company") today announced the closing of its third term securitization in 2013. The transaction is CPS's 10
th senior subordinate securitization since the beginning of 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-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.
Standard & Poor's Rating
The weighted average effective coupon on the notes is approximately 3.08%.
The 2013-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 5.00% of the then-outstanding receivable pool balance.