Consumer Portfolio Services (CPSS) Announces Two Financing Deals
Consumer Portfolio Services, Inc. (Nasdaq: CPSS) closed a follow-on senior secured financing with an affiliate of Levine Leichtman Capital Partners ("LLCP"). CPSS received $20 million in incremental debt capital. LLCP also received in the transaction common and convertible preferred shares equivalent in the aggregate to 2.75 million common shares.
CPSS simultaneously entered into a $100 million two-year warehouse credit line with affiliates of Goldman, Sachs & Co. (NYSE: GS) and Fortress Investment Group. Loans under the facility will be secured by automobile receivables that CPSS now holds or will purchase from dealers.
"These transactions provide additional liquidity to continue the growth plan we have discussed in recent quarters," said Charles E. Bradley, Jr., President & CEO. "In addition, they should facilitate our return as a regular issuer in the term securitization market."
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CPSS simultaneously entered into a $100 million two-year warehouse credit line with affiliates of Goldman, Sachs & Co. (NYSE: GS) and Fortress Investment Group. Loans under the facility will be secured by automobile receivables that CPSS now holds or will purchase from dealers.
"These transactions provide additional liquidity to continue the growth plan we have discussed in recent quarters," said Charles E. Bradley, Jr., President & CEO. "In addition, they should facilitate our return as a regular issuer in the term securitization market."
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