Canadian Credit Card Trust completed a private placement of $200 million aggregate principal amount of floating rate note credit card-backed investor certificates, series 2003-1 on September 30, 2003. The certificates are the fifth series of notes issued by the trust and are backed by a pool of credit card receivables originated by National Bank of Canada. Credit enhancement for the certificates is provided by an irrevocable letter of credit issued by State Street Bank and Trust Co. The offering was underwritten by National Bank Financial.
The trust and the underwriter were represented by Osler, Hoskin & Harcourt LLP, with a team that included Philip Heath, Richard Borins, Rick Fullerton and Deborah Salter, and assisted by Robert Yalden, Andrew Scipio del Campo and Nicole Cloutier in Montreal and John Macfarlane, Andrea Whyte and Sherri Fountain in Calgary.
National Bank of Canada was represented by in-house counsel Andrée Grimard and Joanne Seto; and by Davies Ward Phillips & Vineberg LLP, with a team that included Michael Clifford, Peter Westcott and Daniel Batista. State Street was represented by Russel Kowalyk and Robert Turnbull of Fraser Milner Casgrain LLP.