Consumer Portfolio Services Inc. Announces Securitizations; Conference Call Thursday, March 21.Business Editors IRVINE, Calif.--(BUSINESS WIRE)--March 20, 2002 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 it has this month completed two 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. transactions, issuing $145.6 million of notes backed by automotive receivables. The transactions were completed on March 8, concurrently with Consumer Portfolio's previously announced acquisition of MFN MFN abbr. most-favored nation Financial Corp. (formerly OTCBB OTCBB See OTC Bulletin Board (OTCBB). :MFNF.OB). In the first transaction, qualified institutional buyers purchased $45.65 million of Notes backed by automotive receivables that have been or will be originated by Consumer Portfolio Services. The Notes, issued by CPS Auto Receivables Trust 2002-A, consist of two classes: $26.5 million of 3.741% Class A-1 Notes, and $19.15 million of 4.814% Class A-2 Notes. The Class A-1 and A-2 Notes, rated AAA/Aaa, were priced at par. The ratings, provided by Standard & Poor's and Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. , were based on a financial guaranty insurance policy issued by Financial Security Assurance Inc. In the second transaction, qualified institutional buyers purchased $99,954,425 of Notes backed by automotive receivables. MFN Financial (through its subsidiaries) originated the receivables sold in this transaction. The Notes, issued by MFN Auto Receivables Trust 2002-A, consist of two classes: $83.5 million of 3.809% Class A-1 Notes, and $16.45 million of 4.918% Class A-2 Notes. The Class A-1 and A-2 Notes, rated AAA/Aaa, were priced at par. The ratings, provided by Standard & Poor's and Moody's Investors Service, were based on a financial guaranty insurance policy issued by XL Capital Assurance Inc. Each transaction was a private offering of securities, not registered under the Securities Act of 1933, or any state securities law. All of such Notes and Certificates having been sold, this announcement of their sale appears as a matter of record only. Consumer Portfolio Services also announced that it will hold an investor conference call on Thursday, March 21, 2002, at 11 a.m. Pacific Time (2 p.m. Eastern Time), to discuss the effects of these transactions and the previously announced acquisition of MFN Financial. Those wishing to participate by telephone may dial-in at 800/213-1352 approximately 5-10 minutes prior to the scheduled time In rallying, the Scheduled Time of any crew is the time, calculated at the beginning of the event, that they should arrive at any given control. It is different from Due Time in that Due Time is dynamic, ie it can change throughout the event as competitors drop time; whereas . A replay will be available for 24 hours Adv. 1. for 24 hours - without stopping; "she worked around the clock" around the clock, round the clock beginning at one hour after conclusion of the call by dialing 800/633-8284. The reservation number is 20463517. Consumer Portfolio Services purchases, sells and services retail installment sales contracts originated predominantly by franchised dealers for new and late model used cars. The company finances automobile purchases through dealers under contract across 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. . |
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