4. Debt

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Debt

(4) Debt

The terms and amounts of our other debt outstanding at June 30, 2018 and December 31, 2017 are summarized below:

				Amount Outstanding at
				June 30,		December 31,
				2018		2017
				(In thousands)
Description	Interest Rate	Maturity
Warehouse lines of credit	5.50% over one month Libor (Minimum 6.50%)		April 2019	$	71,823	$	25,629
	5.50% over one month Libor (Minimum 6.25%)		August 2018		54,913		77,546
	6.75% over a commercial paper rate (Minimum 7.75%)		November 2019		12,304		11,100
Residual interest financing	8.60%		January 2026		40,000		–
Subordinated renewable notes	Weighted average rate of 8.19% and 7.99% at June 30, 2018 and December 31, 2017, respectively		Weighted average maturity of June 2020 and March 2020 at June 30, 2018 and December 31, 2017, respectively		15,831		16,566
				$	194,871	$	130,841

On May 16, 2018, we completed a $40 million securitization of residual interests from previously issued securitizations. In this residual interest financing transaction, qualified institutional buyers purchased $40.0 million of asset-backed notes secured by residual interests in thirteen CPS securitizations consecutively issued from September 2013 through December 2016, and an 80% interest in a CPS affiliate that owns the residual interests in four CPS securitizations issued in 2017. The sold notes, issued by CPS Auto Securitization Trust 2018-1, consist of a single class with a coupon of 8.595%.

Collateral for the notes includes amounts on deposit in the underlying spread accounts for each related securitization and the over-collateralization of each related securitization, which is the difference between the outstanding principal balance of the related receivables less the outstanding principal balance of the notes associated with the securitization. With respect to the securitizations issued by CPS in 2017, only 80% of such amounts are included in the collateral. On each monthly payment date, the notes will be paid interest at the coupon rate and, if necessary, a principal payment necessary to maintain a specified minimum collateral ratio.

Debt issuance costs of $731,000 have been excluded from the amount reported above for residual interest financing. Similarly, debt issuance costs of $1.1 million and $1.9 million as of June 30, 2018 and December 31, 2017, respectively, have been excluded from the Warehouse lines of credit amounts in the table above. These debt issuance costs are presented as a direct deduction to the carrying amount of the debt on our Unaudited Condensed Consolidated Balance Sheets.