On April 15, 2009, Canadian Road Leasing Company (CRLC), a wholly owned subsidiary of Ford Credit Canada Limited (FCCL), completed a lease securitization transaction, receiving proceeds of $600 million.
In order to carry out the transaction, a newly established trust sponsored by FCCL leased a portfolio of vehicles from CRLC (subject to the existing retail leases) and made a one-time lease prepayment to CRLC. The trust funded the lease prepayment by issuing an asset-backed note to a bank-sponsored securitization conduit.
CRLC and the trust were represented by McCarthy Tétrault LLP, with a team consisting of Dirk Rueter, Candace Pallone, Mary Jeanne Phelan and Jo-Anna Brimmer (corporate); James Warnock (tax); and Kevin McElcheran (bankruptcy).
Osler, Hoskin & Harcourt LLP advised the purchaser of the asset-backed note, with a team consisting of Richard Fullerton and Constantine Troulis.