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Consumer Portfolio Services, Inc. Message Board

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  • jobber_steve jobber_steve Dec 8, 1998 10:30 AM Flag

    So now what

    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.

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    • 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
4.24+0.11(+2.66%)Jul 29 4:00 PMEDT