CPS Announces New $120 Million Residual Credit Facility.IRVINE, Calif. -- Consumer Portfolio Services, Inc. (Nasdaq:CPSS CPSS Committee on Payment and Settlement Systems CPSS Commission on Public Secondary Schools CPSS Cincinnati Prehospital Stroke Scale (STR - Smile, Talk, Raise both arms) CPSS Certified Professional Soil Scientist ) today announced that it has closed a new $120 million residual credit facility with Citigroup Financial Products, Inc. The facility, which consists of a $60 million one-year revolving facility and a $60 million two-year term note, is secured by eligible residual interests Residual Interest A type of interest payment received by investors in a real estate mortgage investment conduit (REMIC). Notes: Investors receive interest payments after all required regular interest has been paid to investors within higher priority tranches. in previously securitized securitized Of, related to, or being debt securities that are secured with assets. For example, mortgage purchase bonds are secured by mortgages that have been purchased with the bond issue's proceeds. pools of automobile receivables. The Company borrowed $60 million under the term note on July 13, 2007 and used a portion of the proceeds to repay in full its existing residual credit facility and senior secured debt. CPS (1) (Characters Per Second) The measurement of the speed of a serial printer or the speed of a data transfer between hardware devices or over a communications channel. CPS is equivalent to bytes per second. is a quarterly issuer in the securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. market and currently services a total managed portfolio of over $1.9 billion across 19 pools. "As we continue the growth we have achieved over the last few years, this facility will be an important part of our future financing and funding strategy," said Charles E. Bradley, Jr., President and Chief Executive Officer. About Consumer Portfolio Services, Inc. Consumer Portfolio Services, Inc. is a specialty finance company engaged in purchasing and servicing new and used retail automobile contracts originated primarily by franchised automobile dealerships and to a lesser extent by select independent dealers of used automobiles in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . We serve as an alternative source of financing for dealers, facilitating sales to sub-prime customers, who have limited credit history, low income or past credit problems and who otherwise might not be able to obtain financing from traditional sources. |
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