CPS Announces Two Financings
December 30 2010 - 4:05PM
Consumer Portfolio Services, Inc. (Nasdaq:CPSS) ("CPS" or the
"Company") today announced that on December 23, 2010 it closed a
follow-on senior secured financing with an affiliate of Levine
Leichtman Capital Partners ("LLCP"). CPS received $20 million in
incremental debt capital. LLCP also received in the
transaction common and convertible preferred shares equivalent in
the aggregate to 2.75 million common shares.
The Company also announced that it simultaneously entered into a
$100 million two-year warehouse credit line with affiliates of
Goldman, Sachs & Co. and Fortress Investment Group. Loans
under the facility will be secured by automobile receivables that
CPS now holds or will purchase from dealers.
"These transactions provide additional liquidity to continue the
growth plan we have discussed in recent quarters," said Charles E.
Bradley, Jr., President and Chief Executive Officer. "In
addition, they should facilitate our return as a regular issuer in
the term securitization market."
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.
About Levine Leichtman Capital Partners
Levine Leichtman Capital Partners is a Los Angeles,
California-based investment firm that manages approximately $5.0
billion of institutional investment capital through private equity
partnerships, distressed debt and leveraged loan funds. LLCP
is currently making new investments through Levine Leichtman
Capital Partners IV, L.P. and Levine Leichtman Capital Partners
Deep Value Fund, L.P. Investments by Levine Leichtman Capital
Partners include, among others, Jon Douglas Real Estate Services
Group, Inc., the Quizno's Corporation, Wetzel's Pretzels, Hackney
Ladish and CiCi's Pizza, Inc. For more information about
Levine Leichtman Capital Partners, please visit www.llcp.com.
CONTACT: Consumer Portfolio Services, Inc.
Investor Relations Contact
Robert E. Riedl, Chief Investment Officer
949 753-6800
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