CNH Capital Canada Completes IPO

On July 22, 2004, CNH Capital Canada Wholesale Trust (the Trust) completed an initial public offering of $150 million floating rate class A wholesale receivables-backed notes, series CW2004-1, $12.3 million floating rate class B wholesale receivables-backed notes, series CW2004-1, $175 million floating rate class A wholesale receivables-backed notes, series CW2004-2 and $14.4 million floating rate class B wholesale receivables-backed notes, series CW2004-2, together with a private placement of $160 million floating rate variable funding wholesale receivables-backed notes, series CW2004-3. Case Credit Ltd. is the promoter of the Trust, as well as the seller and servicer of the wholesale receivables acquired by the Trust.

Case Credit and the Trust were represented in-house by Phyllis Grimm, senior finance counsel, in Lake Forest, Illinois, and by Osler, Hoskin & Harcourt, with a team that included Philip Heath, Rick Fullerton and Lisa Shostack (financial services), Randall Pratt, Peter Simeon and Jasmine Lew (corporate finance) and Andrew McGuffin and Lara Friedlander (tax) in Toronto; Frank Turner and Colin Grierson (corporate finance) and Sherri Fountain and Tonya Fleming (financial services) in Calgary; and Dominique Têtu and Carole Larose (translation) in Montreal.

The underwriting syndicate, which was led by BMO Nesbitt Burns Inc. and included Merrill Lynch Canada Inc. and TD Securities Inc., were represented by Davies Ward Phillips & Vineberg, with a team that included Michael Clifford, Brian Calalang, Peter Westcott, Cynthia Cline and Joel Pearlman (corporate) and Ron Wilson (tax) in Toronto, and Alain Roberge (corporate) in Montreal.