CPS in securitisation of residual interests in 17 securitisations

Consumer Portfolio Services closed a financing backed by its residual interests in 17 previously issued securitizations.

A qualified institutional buyer bought $40M of asset-backed notes secured by interests in 13 CPS securitizations issued from Sept. 2013 through Dec. 2016 and by an 80% interest in a CPS affiliate that owns the residual interests in four CPS securitizations issued last year.

The single class of notes was rated BB by DBRS and bears interest at an annual rate of 8.595%.

Interest will be made on the notes monthly and principal payments will be made to the extent necessary to maintain a ratio of collateral to the outstanding notes at a specified level.