ZAP gets $425 million revolver

By Sara Rosenberg

New York, Sept. 20 - ZAP closed on a new $425 million one-year revolving financing facility, according to a company news release.

Surge Capital II LLC provided the financing.

The revolver gives the company the ability to start fulfilling purchase orders it has already received for Smart Cars that will be modified to meet U.S. environmental and safety standards using proprietary conversion technology licensed to ZAP.

The facility may also be used for the importation of other brands of fuel-efficient vehicles from global manufacturers that would be distributed through ZAP's dealer network.

Financing is based on orders the company receives from dealers who must be approved in advance by Surge Capital.

Security is a first lien on substantially all company assets.

ZAP is a Santa Rosa, Calif.-based provider of advanced, fuel-efficient vehicles.

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