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Consumer Portfolio Services, Inc. Message Board

  • tspbrady tspbrady Dec 8, 1998 10:09 AM Flag

    So now what

    Looks like this last transaction for 210MM(?) worked, at a lower interest rate, and with commitment for the next transaction as well.

    Shouldn't THAT make this &%@%# price move up???????

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    • This was to be expected. Thats why we have no
      movement. The big questions still remain. What are they
      going to do to raise more capital in the future and how
      much more do they need to scale down to get more
      funding and how much will it cost them? Currently over
      10,000 shares for sale between 4 3/8 and 1/2. Before
      year end expect the stock to trade below 4.

    • Hang tough, buy more in .5 point drops. Sell it off in .5 up swings. Lots of players sell on news. It will be up shortly.

      • 1 Reply to jobber_steve
      • Consumer Portfolio Services Inc. Reports
        Completion of $310 Million
        Asset-Backed
        Securitization

        Renews Warehouse Line of Credit

        IRVINE,
        Calif.--(BUSINESS WIRE)--Dec. 8, 1998--Consumer Portfolio

        Services Inc. (Nasdaq: CPSS - news) Tuesday announced that
        it has
        completed the securitization of $310
        million of its automobile
        receivables.

        CPS
        Auto Receivables Trust 1998-4 issued five classes of
        notes with
        interest rates ranging from 5.473% to
        5.890%. The A-1 class of notes is
        rated A-1+ by
        Standard & Poor's and P-1 by Moody's Investors Service

        Inc. The remaining classes are all rated AAA by
        Standard & Poor's and
        Aaa by Moody's Investors Service
        Inc. Full and timely payment of
        interest on and
        principal of the notes is guaranteed by an insurance

        policy issued by Financial Security Assurance Inc. First
        Union Capital
        Markets managed the offering of the
        notes.

        In addition, the company reported that it
        has entered into an agreement
        with General
        Electric Capital Corp. for a $100 million revolving

        warehouse line of credit. Borrowings under the line will be
        secured by
        automobile contracts pending their sale
        through a securitization. This
        new facility coincides
        with the termination on Nov. 30, 1998 of a
        similar
        facility that was provided by an affiliate of General
        Electric
        Capital Corp.

        ``This securitization
        represents our 21st triple A rated transaction
        since
        1994, and is our largest to date. Although spreads for
        asset
        backed securities have widened considerably
        since our previous
        transaction in July 1998, the
        various benchmarks by which our notes are
        priced are
        much lower. As a result, the interest rates on these
        notes
        are somewhat less than the notes issued in
        July. We are also pleased to
        announce that we will
        be continuing our long relationship with General

        Electric Capital Corp. in the form of the new warehouse
        line of
        credit,'' reported Charles E. Bradley,
        Jr., President and Chief
        Executive Officer.


        ``These important transactions along with the proceeds
        from the $25
        million subordinated notes issued on
        November 17, 1998 to Levine
        Leichtman Capital Partners
        II, L.P., and our commitment from Financial

        Security Assurance Inc. for our next securitization
        represent a
        foundation from which CPS can achieve its
        goal of being a leading player
        in the sub-prime
        automobile finance industry,'' Bradley continued.

 
CPSS
4.07+0.04(+0.99%)Aug 29 4:00 PMEDT