Talk about busy days. Consumer Portfolio Services has made a habit out of being party to simultaneous closings, be it multiple securitizations, warehouse lines, mergers, or, as was the case last week, a combination of the three.

The auto lender closed its previously announced acquisition of TFC Enterprises in conjunction with a term securitization of TFC collateral, and a restructuring of a TFC bank warehouse line. All three deals were arranged by West LB, which is providing, or rather continuing to provide, the facility for TFC. The warehouse from West LB pre-dates the CPS merger, though it was restructured to continue as a dedicated line to TFC. West LB was lead manager of the term securitization and warehouse line for TFC, while acting as financial advisor for the merger.

"This is the second time WestLB has helped CPS orchestrate an acquisition in coordination with securitization activities," said Jeffrey Kramer, executive director in the U.S. securitization group at West LB. "The acquisition of TFC by CPS should prove to be a great fit for both companies, and we were thrilled to play such an active role in these series of transactions."

Radian Asset Assurance wrapped both the $52.4 million term deal and the credit facility to a double-A. The single fixed-rate 1.4-year tranche pays a coupon of 2.69%, based off the EDSF, with a final maturity of January 2009.

CPS closed a similar series of arrangements when it acquired MFN Financial last March. In a single day, as they merged, both CPS and MFN launched term securitizations. RBS Greenwich Capital led the transactions, while West LB provided a warehouse line to CPS, which was wrapped by XL Capital Assurance. Financial Security Assurance wrapped the CPS deal and XLCA wrapped the MFN deal.

TFC specializes in auto lending to military personnel, as well as to civilian consumers. The company has been a periodic issuer of ABS, pricing a deal last March and again in October, both through West LB. CPS came three times last year, and one time so far in 2003. West LB led the past three deals for CPS.

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