CONSUMER PORTFOLIO SERVICES, INC. (CPSS): debt financing — CPS closes $286.1M securitization of subprime auto receivables

CONSUMER PORTFOLIO SERVICES, INC.

Issued $286.1M in asset-backed notes across five classes (Class A to E) secured by $306.7M auto receivables.
Class A notes ($131.1M) rated AAA/AAA by S&P and DBRS, coupon 6.40%, avg life 0.66 years.
Class E notes ($33.1M) rated NR/BB, coupon 10.13%, avg life 4.01 years; weighted average coupon 7.89%.
Initial credit enhancement: 1.00% cash reserve and 6.70% overcollateralization; step-up to 9.70% of original pool or 26.75% of outstanding.
Fourth term securitization in 2023 and 49th senior subordinate deal since 2011; 32nd consecutive triple-A rating on senior class.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CONSUMER PORTFOLIO SERVICES, INC. incurred senior notes of $286.1 million of asset-backed Notes, in five classes with Computershare Trust Company, N.A. at Class A 6.40%, Class B 6.78%, Class C 7.17%, Class D 7.80%, Class E 10.13%.

Instrument: senior notes
Principal: $286.1 million of asset-backed Notes, in five classes
Counterparty: Computershare Trust Company, N.A.
Rate: Class A 6.40%, Class B 6.78%, Class C 7.17%, Class D 7.80%, Class E 10.13%
Event: incurrence

Exact text from the filing

he Trust deposited the Receivables with Computershare Trust Company, N.A. ("CTCNA"), as trustee of a grantor trust, receiving

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Source: SEC EDGAR

accession 0001683168-23-007465

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