Citicorp Establishes New Canadian $3B Borrowing Platform

Associates Capital Corporation of Canada, a wholly owned subsidiary of Citicorp, recently filed a shelf prospectus re-establishing its $3 billion medium term note programme. The notes are guaranteed by Citicorp, a wholly owned subsidiary of Citigroup. The renewed borrowing programme emanates from the November 2000 acquisition of Associates First Capital Corporation by Citigroup. The “AA” rated notes will be used by Citigroup to finance the Associates Canadian commercial and financial services business. The prospectus was dated November 26, 2001.

Blake, Cassels & Graydon LLP represented Associates and Citicorp with a team comprised of David Toswell, Chris Javornik, James Clarke and Geoffrey Kott (corporate securities), Leslie Morgan and Bryan Bailey (tax) and John Teolis (financial services). The Blakes team worked under the guidance of Kevin Murray, treasurer, Citibank, along with Citibank’s in-house counsel Charles Alexander and Shawn Nichols, and Citigroup’s in-house counsel Craig Barrack and John Dye.

The agent banks, led by TD Securities Inc., were represented by Osler, Hoskin & Harcourt LLP with a team comprised of Jim Lisson and Rick Fullerton (corporate securities) and Greg Wylie and Lara Friedlander (tax).