Form 8-K CONSUMER PORTFOLIO SERVI For: Jun 28
- Nasdaq closes lower as chipmaker Micron's warning renews tech rout
- Citi’s Top Equity Strategist Warns Analysts are Too Bullish on Stocks
- Bank of America Clients Continue to Buy the Rally, New Data Shows
- Novavax (NVAX) Crashes 30% After a Deep Guidance Cut, Analyst 'Frustrated'
- 'Hard to Say' Whether Current Crypto Bear Market is Over - Morgan Stanley
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
CPS ANNOUNCES DOUBLING OF CREDIT FACILITY TO $200 MILLION
LAS VEGAS, Nevada, June 30, 2022 (GlobeNewswire) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced that on June 28, 2022 it increased the capacity of its credit agreement with Ares Agent Services, L.P. from $100 million to $200 million
Loans under the amended credit agreement will be secured by automobile receivables that CPS now holds, will originate directly, or will purchase from dealers in the future. CPS may borrow on a revolving basis through January 31, 2024, after which CPS will have the option to repay the outstanding loans in full or to allow them to amortize through January 31, 2028.
About Consumer Portfolio Services, Inc.
Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives.
Forward-looking statements in this news release include the Company's expectation that the revolving period will extend for two years, and that an amortization period may follow. The revolving credit agreement renewed on January 31, 2022 provides for both a revolving period and an amortization period to follow, but it is possible that the Company may suffer certain defaults or events of default that would terminate the revolving period or result in acceleration of maturity of the credit extended. In general, such defaults or events of default would result from losses that the Company might incur in the future. In turn, such losses might result from poor performance of receivables acquired or to be acquired by the Company, from increases in the rate of consumer bankruptcy filings, which could adversely affect the Company’s rights to collect payments from its portfolio; from changes in government regulations affecting consumer credit; or from adverse economic conditions, either generally or in geographic areas in which the Company's business is concentrated.
Investor Relations Contact
Jeffrey P. Fritz, Chief Financial Officer
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- CPS Announces $391.6 Million Senior Subordinate Asset-Backed Securitization
- Ahold Delhaize delivers resilient performance in Q2 2022; raises full-year EPS and free cash flow guidance
- Form 8.5 (EPT/RI) - ContourGlobal Plc
Create E-mail Alert Related CategoriesSEC Filings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!