Consumer Portfolio to Sell Securities
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IRVINE — Automobile loan servicing company Consumer Portfolio Services Inc. plans to sell $100 million in asset-backed securities, raising funds to buy new contracts and repay debt.
The securities will earn interest on installment sales contracts held in a trust, on terms to be determined later, according to a shelf registration statement filed yesterday with the Securities and Exchange Commission. A shelf registration allows the company to sell securities from time to time as needs arise.
The company said the securities would be issued in two classes, with Class A securities receiving priority over Class B for receiving interest payments. The securities will be sold with denominations of $1,000 and multiples of $1,000, using underwriters to be named later, the filing said.
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