Zipcar, Inc. (ZIP) Increases Total Availability of Asset Backed Securitization Funding Lines to $100 million

Zipcar, Inc. (Nasdaq: ZIP) today announced a relationship with Barclays Capital under which Zipcar has issued a new series of variable funding notes pursuant to its asset backed securitization (ABS) facility in the principal amount of up to $50 million, increasing the total availability of ABS funding lines 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.

"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. "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. This additional capacity is consistent with our objectives of lowering vehicle carrying costs and strengthening our business model as we expect to continue to grow the percentage of our domestic fleet funded under the expanded ABS facility from about two thirds today to more than 90 percent by the end of 2012."

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