Ford Credit Canada Completes Retail Securitization Transaction

On September 28, 2010, Ford Credit Canada Limited (“FCCL”) completed a retail loan securitization transaction, receiving proceeds of $0.7 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 of six classes of Series 2010-R3 Asset-Backed Notes to third party investors.

The offering was made by a syndicate of underwriters consisting of Merrill Lynch Canada Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc. and Scotia Capital Inc. and their respective US registered broker-dealer affiliates.

FCCL and the Trust were represented by McCarthy Tétrault LLP, with a team consisting of Dirk Rueter, Richard O'Doherty, Jo-Anna Brimmer and Tina Benson (corporate and securities) and James Morand (tax) and by Dewey & LeBoeuf LLP, with a team led by Joseph Topolski.

The underwriters were represented by Osler, Hoskin & Harcourt LLP, with a team led by Rick Fullerton.