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Consumer Portfolio Services closes $260M securitization

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Consumer Portfolio Services closes $260M securitization

Consumer Portfolio Services Inc. closed a $260.0 million senior subordinate asset-backed securitization.

The transaction involved the sale of $130.0 million of 2.09% class A notes, $34.1 million of 2.36% class B notes, $37.2 million of 2.54% class C notes, $26.0 million of 2.90% class D notes, $26.3 million of 4.09% class E notes and $6.5 million of 6.93% class F notes.

Qualified institutional buyers purchased the asset-backed notes, which are secured by $260 million in automobile receivables originated by the company.

The transaction uses a pre-funding structure, in which the company sold roughly $170.9 million of receivables at inception and plans to sell about $89.1 million of additional receivables in February.