NIF-T completes C$660 million asset-backed note offering
April 9, 2010
660.00 Million CAD
On April 9, 2010, NIF-T, a special purpose trust sponsored by Nissan Canada Inc., completed a public offering of C$300 million of Series 2010-1 asset-backed notes. This was the sixth public offering completed by NIF-T since its initial public offering in 2001. The proceeds of the offering, together with the proceeds of a concurrent private placement of approximately C$360 million of asset-backed notes, financed the acquisition of a pool of lease receivables relating to certain Nissan and Infiniti private passenger automobiles, sports utility vehicles, mini-vans and trucks. The publicly offered notes were acquired by the Business Development Bank of Canada under the Canadian Secured Credit Facility which was established in early 2009 as part of the Government of Canada’s Extraordinary Financing Framework.
McCarthy Tétrault LLP represented Business Development Bank of Canada, with a team led by Dirk Rueter.