Zipcar has completed a $70 million ABS program led by Credit Agricole. "Our asset-intensive business model requires ongoing access to capital to expand our fleet of Zipcars," said Scott Griffith, chairman and CEO at Zipcar. "This ABS facility is an important strategic step for our company. It increases the total credit available to Zipcar and it will enable us to transition away from lease line financing, ultimately reducing our cost of financing while improving our customer experience with a fresh, growing fleet of Zipcars." Zipcar operates a global car sharing network for more than 400,000 members with over 7,000 vehicles in the U.S., Canada and the U.K. |
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Known for subprime financing, the sponsor has been making inroads lending to near-prime customers in the last couple of years.
5h ago -
Spreads ranging from 16-18 basis points over the three-month, interpolated yield curve on the P1 (Moody's) and F1+ (Fitch) notes, to 160 to 170 over the benchmark on the class D notes.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
April 24 -
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
April 24 -
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
April 24