CPS renews $200M revolving credit facility with Ares Agent Services through 2026

CONSUMER PORTFOLIO SERVICES, INC.

Credit agreement renewed March 29, 2024; maximum $200 million outstanding at any time.
Loans secured by auto receivables; advance rate up to 88% of eligible pledged receivables.
Borrowing available through March 31, 2026; amortization option extends to March 31, 2028.
Floating interest rate based on SOFR plus margin; $2 million closing fee paid by CPS.
Facility originally from November 2015; no change in agent (Ares Agent Services, L.P.).

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CONSUMER PORTFOLIO SERVICES, INC. amended Credit Agreement with subsidiary of Ares Management LLC valued at $200 million (effective 2024-03-29).

Action: amendment
Agreement: credit facility
Counterparty: subsidiary of Ares Management LLC
Value: $200 million
Effective: 2024-03-29

Exact text from the filing

On March 29, 2024, Consumer Portfolio Services, Inc. (“CPS” or the “Company”) and its wholly-owned subsidiary Page Nine Funding LLC (the “Borrower”) renewed a revolving credit agreement (the "Credit Agreement")

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CONSUMER PORTFOLIO SERVICES, INC. filing history →

Source: SEC EDGAR

accession 0001683168-24-002117

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