Glacier Credit Card Trust completes C$423 million public securitization
October 24, 2012
423.00 Million CAD
On October 24, 2012, Glacier Credit Card Trust, as issuer, Canadian Tire Bank, as seller, closed a C$423 million public securitization. The notes issued by the trust were backed by a pool of credit card receivables originated by or assigned to Canadian Tire Bank, a direct wholly-owned subsidiary of Canadian Tire Financial Services Limited and an indirect, wholly-owned subsidiary of Canadian Tire Corporation, Limited.
The dealer syndicate for the securitization was led by BMO Nesbitt Burns Inc. and CIBC World Markets Inc. and included TD Securities Inc., RBC Dominion Securities Inc., Scotia Capital Inc., HSBC Securities (Canada) Inc. and National Bank Financial Inc.,
McCarthy Tétrault LLP represented Glacier Credit Card Trust and Canadian Tire Bank, with a team comprising Marc MacMullin, Michael McConnell and Kerri Lui (corporate) in Toronto; Robert Metcalfe (corporate) in Montreal and Gabrielle Richards (tax).