CPS renews credit facility with Citibank, raises capacity to $508M

Consumer Portfolio Services, Inc. (NASDAQ: CPSS) announced it has renewed a two-year revolving credit agreement with Citibank, N.A. and increased the facility's total capacity from $335 million to $508 million.

The renewal and capacity increase apply to both Citibank, N.A. and a subordinate lender. Loans under the agreement will be secured by automobile receivables that CPS currently holds or will originate in the future.

CPS may borrow on a revolving basis through July 17, 2028, after which the company will have the option to repay outstanding loans in full or allow them to amortize over a one-year period.

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