Key Developments For Consumer Portfolio Services, Inc.
Consumer Portfolio Services, Inc. (CPSS.O) (Consolidated Issue listed on NASDAQ Global Market)
Consumer Portfolio Services Inc. Announces New Servicing Portfolio
Consumer Portfolio Services Inc. announced that on November 6, 2009, it entered into agreements to assume servicing responsibilities on a $146.1 million portfolio of automobile receivables owned by a subsidiary of CompuCredit Corporation. As part of the transaction, the Company participated with Fortress Credit Corp. in making an investment in the CompuCredit subsidiary.
Consumer Portfolio Services Inc. Announces New Credit Facility
Consumer Portfolio Services Inc. (CPS) announced that on September 25, 2009 it entered into a $50 million two year credit facility with Fortress Credit Corp., an affiliate of Fortress Investment Group. Loans under the facility will be secured by automobile receivables that CPS now holds or will purchase from dealers.
Consumer Portfolio Services Inc. Announces New Financing Activity
Consumer Portfolio Services Inc. announced that it has received the additional $15 million in senior secured financing from an affiliate of Levine Leichtman Capital Partners as a follow-up to last week's $10 million financing. The Company borrowed a total of $25 million from Levine Leichtman Capital. As previously reported, Levine Leichtman Capital received in aggregate three million shares of common stock and warrants in connection with the transaction. The Company also announced that it has finalized an amendment to its residual credit facility with Citigroup Financial Products Inc. The Company originally entered into the $120 million facility in July 2007, which consisted of a $60 million one-year revolving facility and a $60 million two-year term note. The facility, on which approximately $87 million was outstanding as of June 30, 2008, is secured by eligible residual interests in previously securitized pools of automobile receivables. Under the amendment, the Company has paid the principal balance down to $70 million of amortizing debt due June 2009. The Company also received an option, if certain conditions are met, to extend the maturity for an additional year to June 2010.
Consumer Portfolio Services Inc. Announces $10 Million Financing
Consumer Portfolio Services Inc. announced that it has closed a new $10 million senior secured financing with an affiliate of Levine Leichtman Capital Partners (LLCP). The Company can receive an additional $15 million in financing if certain terms and conditions are met. LLCP received in aggregate 3 million shares of common stock and warrants in connection with the transaction. No additional equity is contemplated in relation to the additional $15 million.
Consumer Portfolio Services Inc. Announces Completion Of Sale Of LLCP Shares
Consumer Portfolio Services Inc. announced that Levine Leichtman Capital Partners II, L.P. (LLCP) has completed its sale in the open market of the remaining common shares of the Company. LLCP owned over 4.5 million shares but that stake has been reduced to zero.
