Canadian Tire Receivables Trust completed a $315 million initial public offering of credit card-backed notes on July 18, 2001. The transaction was the seventh series of credit card-backed notes issued by Canadian Tire Receivables Trust since 1995, when Canadian Tire's securitization program was first established. The program enables Canadian Tire Acceptance Limited, a subsidiary of Canadian Tire, to securitize its credit card receivables portfolio using a master trust structure. The earlier transactions were offered on a prospectus exempt basis.
Blake, Cassels & Graydon LLP's Stephen Ashbourne and David Simpson had primary responsibility with assistance from Martin Fingerhut, Michael Burke, Dirk Rueter and Leslie Morgan acted for the issuer and as securitization counsel. McCarthy Tétrault LLP represented the underwriters with a business law team that included David Rounthwaite, Gordon Thompson and Debra MacIntyre. Cassels Brock & Blackwell LLP's Robyn Collver acted for Canadian Tire Corporation, Limited, as Corporate Counsel. Canadian Tire's legal team was led by General Counsel Cam Stewart. Scotia Capital was the lead underwriter.