Consumer Portfolio Services renews $100 million Citibank revolver

By Marisa Wong

Madison, Wis., Aug. 22 – Consumer Portfolio Services, Inc. and its subsidiary, Page Eight Funding LLC, renewed and amended their existing revolving credit agreement with Citibank, NA on Aug. 18 for an up to $100 million two-year revolver, according to an 8-K filing with the Securities and Exchange Commission.

At the end of the two-year revolving period on Aug. 15, 2016, at the election of either the borrower or the lender, the loans are to amortize for an additional year and then become due in full.

Loans bear interest during the revolving period at a rate equal to one-month Libor plus 550 basis points, subject to a floor of 6.25% per year. During the amortization period, interest is equal to one-month Libor plus 650 bps, subject to a floor of 7.25% per year.

Loans are to be secured by automobile receivables that Consumer Portfolio Services now holds or may purchase in the future from dealers.

In connection with the renewal of the credit agreement, the company paid a closing fee of $603,022 to the lender.

Consumer Portfolio Services is an Irvine, Calif.-based specialty finance company that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories.

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