CPS Returns to Securitization Market
After a two-year hiatus, Consumer Portfolio Services has returned to the asset-backed securities market with an $85.4 million transaction sold in a private offering. The deal marked CPS’s first securitization with a senior-subordinate structure in 17 years.
The receivables were originated in 2008. At the time, an institutional investor bought 95% of the notes, while CPS retained the remainder.
Standard & Poor’s rated the transaction.
CPS has $900 million of loans outstanding and does business in 45 states.
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