Latest news with #Bharwani
Yahoo
12-05-2025
- Business
- Yahoo
CPS Announces $419.95 Million Senior Subordinate Asset-Backed Securitization
LAS VEGAS, Nevada, May 12, 2025 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) ('CPS' or the 'Company') announced the closing of its second term securitization in 2025 on Monday May 12, 2025. The transaction is CPS's 55th senior subordinate securitization since the beginning of 2011 and the 38th consecutive securitization to receive a triple 'A' rating from at least two rating agencies on the senior class of notes. In the transaction, qualified institutional buyers purchased $419.95 million of asset-backed notes secured by $439.29 million in automobile receivables originated by CPS. The sold notes, issued by CPS Auto Receivables Trust 2025-B, consist of five classes. Ratings of the notes were provided by Standard & Poor's and DBRS Morningstar, and were based on the structure of the transaction, the historical performance of similar receivables and CPS's experience as a servicer. Note Class Amount(in millions) Interest Rate AverageLife (years) Price S&P'sRating DBRSRating A $ 191.520 4.74% 0.65 99.99620% AAA AAA B $ 58.430 4.79% 1.75 99.99344% AA AA C $ 70.280 5.12% 2.43 99.97744% A A D $ 40.640 5.56% 3.23 99.97917% BBB BBB E $ 59.080 7.95% 3.98 99.99266% NR BB The weighted average coupon on the notes is approximately 5.96%. The 2025-B transaction has initial credit enhancement consisting of a cash deposit equal to 1.00% of the original receivable pool balance and overcollateralization of 4.40%. The transaction agreements require accelerated payment of principal on the notes to reach overcollateralization of the lesser of 8.65% of the original receivable pool balance, or 22.00% of the then outstanding pool balance. The transaction was a private offering of securities, not registered under the Securities Act of 1933, or any state securities law. All such securities having been sold, this announcement of their sale appears as a matter of record Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their Bharwani, Chief Financial Officer949-753-6811Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-04-2025
- Business
- Yahoo
Crypto sleuth mocks Indian firm's Bitcoin plan — CFO claps back
Jetking is set to raise funds worth $772,300 (INR 66 million) to acquire Bitcoin, among other purposes, joint MD and CFO Siddarth Bharwani announced on X (formerly Twitter) on Apr. 2. The company board has cleared issuing 428,622 equity shares, each priced at $1.8, on a preferential basis to the promoter group and select investors. The decision is subject to shareholder and regulatory approvals, added Bharwani. Jetking, an Indian information technology (IT) training company, is the country's first public company to hold Bitcoin on its balance sheet. As per BitcoinTreasuries, it holds 14.77 BTC worth $1.2 million as of Apr. 2. However, the company's modest market cap of $6.6 million had the prominent on-chain sleuth, who goes by the handle ZachXBT, mocking its Bitcoin acquisition plan. ZachXBT wrote on X that they 'might as well announce if low cap meme coins purchase Bitcoin if this is news.' 'The media making low quality announcements newsworthy or quoting flawed metrics is partly why people do not take this industry seriously,' added the sleuth. Bharwani was quick to respond. He asked the skeptics to check the market cap of Strategy, formerly MicroStrategy, (Nasdaq: MSTR) and Metaplanet (TYO: 3350) when they began and asked them to wait for twelve months. In fact, Bharwani's original post invited comments that compared Jetking's strategy to that of Strategy. Strategy chairman Michael Saylor himself has been keeping an eye on Jetking's Bitcoin strategy for quite some time. As of Apr. 2, Strategy with Bitcoin holdings worth $45 billion and Metaplanet with Bitcoin holdings worth $359 million are the world's largest and ninth largest corporate holders of Bitcoin, respectively.
