Consumer Portfolio Services has renewed its $100 million revolving credit facility with affiliates of Goldman, Sachs & Co and Fortress Investment Group. Under the amended terms, the facility will revolve during the first two years and will amortize during years three and four.
Services, Inc. (Nasdaq:CPSS) (“CPS” or the “Company”) today announced
that yesterday it renewed its $100 million revolving credit facility
with affiliates of Goldman, Sachs & Co. and Fortress Investment Group.
Under the amended terms, the facility will revolve during the first two
years and will amortize during years three and four. Loans under the
facility will be secured by automobile receivables that CPS now holds
or will purchase from dealers.
“We are pleased to continue our relationship with Goldman, Sachs and
Fortress, which we have built upon over the last four years,” said
Charles E. Bradley, Jr., President and Chief Executive Officer. “This
transaction provides a multi-year funding commitment and an extended
amortization period thereafter. These features improve our financial
flexibility across a variety of capital markets’ environments.”
About Consumer Portfolio Services, Inc.
Consumer Portfolio Services, Inc. is an independent specialty finance
company that provides indirect automobile financing to individuals with
past credit problems, low incomes or limited credit histories. We
purchase retail installment sales contracts primarily from franchised
automobile dealerships secured by late model used vehicles and, to a
lesser extent, new vehicles. We fund these contract purchases on a
long-term basis primarily through the securitization markets and
service the contracts over their lives.
CONTACT: Investor Relations Contact
Robert E. Riedl, Chief Investment Officer