Consumer Portfolio Services Inc. reports $92.9 million public asset-backed securitization; Mark Creatura joins CPS as senior vice president, general counsel.IRVINE, Calif.--(BUSINESS WIRE)--Jan. 14, 1997--Consumer Portfolio Services Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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 ) on Tuesday announced that it recently completed a $92.9 million 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. of automobile receivables. The certificates from the issue, CPS Auto Trust 1996-3, were issued in two tranches. The bonds representing the senior tranche equal 95 percent of the aggregate receivables, were rated "AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. " by Standard and Poor's Noun 1. Standard and Poor's - a broadly based stock market index Standard and Poor's Index and "Aaa" by Moody's, bear interest at 6.30 percent, and are guaranteed by an insurance policy issued by Financial Security Assurance Inc. The bonds were underwritten by Greenwich Capital Markets Inc., and were sold publicly pursuant to a registration statement filed with the Securities and Exchange Commission. This transaction represents CPS's third public issuance of securities backed by its automobile receivables. The company also sold a subordinated tranche equal to 5 percent of the aggregated receivables, which bears interest at 10.15 percent and was rated "BB" by Standard & Poor's. With this transaction, the company has issued rated asset-backed securities with original balances of $671 million. In addition, the company has sold $42 million in non-rated structures and has an aggregate outstanding servicing portfolio at Dec. 31, 1996 of $506 million. Consumer Portfolio Services is pleased to announce that Mark Creatura has joined the company in the newly created position of senior vice president, general counsel. CPS's President and Chief Executive Officer Charles E. Bradley, Jr. said, "Adding experienced senior management such as Mr. Creatura is an important component of CPS's growth strategy as a leading financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. firm." Before joining CPS, Mr. Creatura was vice president and general counsel for Urethane urethane (yoor´ithān´), n ethyl carbamate used as an anesthetic agent for laboratory animals, formerly used as a hypnotic in humans. Technologies Inc., a publicly-traded polyurethane chemicals formulator. He was previously an attorney with Troy & Gould in Los Angeles, where he was engaged in that firm's corporate finance practice. Mr. Creatura is a graduate of Harvard University and holds a J.D. degree from the University of California at Berkeley (body, education) University of California at Berkeley - (UCB) See also Berzerkley, BSD. http://berkeley.edu/. Note to British and Commonwealth readers: that's /berk'lee/, not /bark'lee/ as in British Received Pronunciation. , Boalt Hall. Consumer Portfolio Services Inc. purchases, sells and services contracts originated by franchised automobile dealers for new and late model used cars. The company provides indirect financing to borrowers with limited credit histories, low incomes or past credit problems who are unable to qualify for traditional financing. CPS purchases contracts from approximately 2,200 dealers in 36 states and services contracts in 49 states. CONTACT: Consumer Portfolio Services Inc., Irvine Sheila L. Chiri, 714/753-4843 |
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