Irvine-based auto financier, Consumer Portfolio Services Inc., announced Monday that it has taken an additional $15 million in financing to add to the $10 million it received earlier this month.
Consumer Portfolio funds loans from auto dealers, then packages them into bonds sold to Wall Street investors.
An affiliate of Los Angeles-based investment firm Levine Leichtman Capital Partners will receive 3 million shares in common stock for its recent financing into the company.
Consumer Portfolio also said it amended its $120 million loan with Citigroup Financial Products Inc., in which its $87 million in outstanding debt was paid down to $70 million with the potential to extend it’s due date a year to June, 2010.
About $4 million of the repayment was a warrant, which gives Citigroup the right o to buy 2.5 million shares.
“The completion of these two transactions is an important milestone for the company,” Chief Executive Charles E. Bradley, Jr. said. “Our access to liquidity during this challenging capital markets environment validates the quality of the platform that we have developed over the last several years.”
Troubled bond markets mired in bad home loans have made business harder on the company.
Last April the company said that had sold $310 million worth of its loans to Wall Street since November.
The company had forecast doing at least two deals valued at $700 million to $800 million this year, compared to last year when it did $1 billion.
Its stock was up about 6% at close of trading, giving it a market value of close to $38 million.
Consumer Portfolio is expected to report its earnings this Wednesday.
