Canadian Revolving Auto Floorplan Trust (CRAFT) completed its $300 million initial public offering of 5.188 per cent dealer floorplan receivables-backed notes, series 2001-A, on December 18, 2001. Proceeds were used by CRAFT to purchase from DaimlerChrysler Financial Services (debis) Canada Inc. wholesale receivables generated from a portfolio of revolving floorplan financing arrangements with various automobile dealers in Canada to finance their automobile and light-duty truck inventory. The offering was structured and led by BMO Nesbitt Burns Inc., and included RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc.
DaimlerChrysler Financial Services and CRAFT were represented by Bill McAuley, Q.C., Eric Nazzer, John Ross, Paul Grod and Sean Rimoin of Gowling Lafleur Henderson LLP. The underwriters were represented by Davies Ward Phillips & Vineberg LLP, with a team comprised of Michael Clifford, Timothy Moran, Peter Westcott and Cynthia Cline (corporate) and Ron Wilson (tax).