CAMBRIDGE, MA - Zipcar, Inc. announced it has renewed its asset-backed securitization (ABS) program led by Credit Agricole Corp. The renewed program provides an aggregate $50M in variable funding to support ZipCar’s growth and global fleet of more than 8,000 vehicles.
According to the company, the one-year renewal provides terms more favorable than the original agreement in key areas such as interest rate, fee on undrawn funds, and collateralization levels.
"The renewal of our ABS facility on more attractive terms reflects both improvements in the credit markets as well as in our own financial condition," said Zipcar CFO Ed Goldfinger. "Achieving lower cost of vehicle funding is an important driver in our business and we were pleased to work with Credit Agricole CIB to produce this positive outcome."
"Credit Agricole Corporate & Investment Bank is pleased to enter into this extension for an additional year of its fleet securitization for Zipcar," said Sam Pilcer, a Managing Director at Credit Agricole CIB. "The relationship has been a positive for both parties since it started in 2010 and terms of the extension continue to allow financing that is responsive and economic to Zipcar's fleet needs."