Ford Credit Canada Completes Retail Loan Securitization Transaction

Ford Credit Canada Limited (“FCCL”) completed a retail loan securitization transaction, receiving proceeds of $0.5 billion. In order to carry out the transaction, Ford Auto Securitization Trust (the “Trust”), a master trust sponsored by FCCL, purchased a pool of retail conditional sale contracts from FCCL.

The Trust financed the purchase by completing a public offering in Canada, together with a concurrent Rule 144A offering in the United States, of six classes of Series 2011-R3 Asset-Backed Notes. The offering was made by a syndicate of underwriters consisting of CIBC World Markets Inc., HSBC Securities (Canada) Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., and TD Securities Inc. and their respective U.S. registered broker-dealer affiliates.

FCCL and the Trust were represented by McCarthy Tétrault LLP, with a team consisting of Dirk Rueter, Mary Jeanne Phelan, Jo-Anna Brimmer, and Tina Benson (corporate and securities) and James Morand (tax) and by Katten Muchin Rosenman LLP, with a team consisting of Joseph Topolski and Mitch Sprengelmeyer (corporate and securities) and An-na-Liza Harris (tax).

The underwriters were represented by Osler, Hoskin & Harcourt LLP, with a team that included Rick Fullerton and Jason Comerford (corporate and securities) and Lara Friedlander (tax).