CONSUMER PORTFOLIO SERVICES, INC. (NASDAQ:CPSS) Files An 8-K Other EventsITEM 8.01.OTHER EVENTS.
On November 21, 2017, Consumer Portfolio Services, Inc. ("CPS" or the "Company") and its subsidiary Page Nine Funding LLCrenewed and amended their existing revolving credit agreement (as renewed and amended, the "Credit Agreement") and related agreements with Credit Suisse AG and Ares Agent Services, L.P. Loans under the Credit Agreement are secured by automobile receivables that CPS now holds or may purchase in the future from dealers.
Under the Credit Agreement, and subject to its terms and conditions, the Lender has agreed to lend from time to time through November 24, 2019 up to a maximum of $100 million. At the conclusion of the two-year revolving period, outstanding loans will be due in full, or, at the election of either the borrower or the lender, the loans would amortize for an additional two years, and then become due in full.
CPS disclaims any implication that the agreements described in this report are other than agreements entered into in the ordinary course of CPS's business.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
One exhibit is included with this report:
| 99.1 | News release re November 21, 2017, transaction. |
CONSUMER PORTFOLIO SERVICES INC ExhibitEX-99.1 2 cps_ex9901.htm CPS ANNOUNCES RENEWAL OF $100 MILLION CREDIT FACILITY Exhibit 99.1 CPS Announces Renewal of $100 Million Credit Facility LAS VEGAS,…To view the full exhibit click here
About CONSUMER PORTFOLIO SERVICES, INC. (NASDAQ:CPSS)
Consumer Portfolio Services, Inc. is a specialty finance company. The Company’s business is to purchase and service retail automobile contracts originated primarily by franchised automobile dealers and by select independent dealers in the United States in the sale of new and used automobiles, light trucks and passenger vans. Through its automobile contract purchases, the Company provides indirect financing to the customers of dealers having limited credit histories, low incomes or past credit problems, who it refers to as sub-prime customers. It serves as an alternative source of financing for dealers, facilitating sales to customers. The Company offers approximately eight financing programs to its dealership customers and prices each program according to the relative credit risk. Its financing programs are Bravo, First Time Buyer, Mercury/Delta, Standard, Alpha, Alpha Plus, Super Alpha and Preferred.