Zipcar issued a $50 million series of variable funding notes under its existing ABS facility, increasing its total ABS funding line to $100 million.
The terms of the new series of ABS notes represent a modest improvement on the terms of the currently outstanding series of ABS notes. Barclays Capital structured the deal.
"Given our ongoing growth ambitions in existing and new markets, access to attractive fleet financing is integral to our success," said Zipcar CFO Ed Goldfinger in a news release. "Barclays has outstanding experience in the securitization space, and they worked closely with us to structure a deal that we believe will cover our domestic expansion needs this year at a competitive financing rate."
The company said it expects to continue to grow the percentage of its domestic fleet funded under the expanded facility to more than 90% by the end of 2012.
Zipcar operates a global car sharing network of roughly 650,000 members and 9,000 vehicles in the U.S., Canada and the U.K.