Ford Credit Canada Completes Retail Securitization Transaction

On June 29, 2009, Ford Credit Canada Limited (FCCL) completed a retail loan securitization transaction, receiving proceeds of $0.6 billion. In order to carry out the transaction, Ford Auto Securitization Trust, a newly established master trust sponsored by FCCL, purchased a pool of retail conditional sale contracts from FCCL. The Trust financed the purchase by completing an initial public offering of three classes of Series 2009-R1 Asset-Backed Notes to third-party investors. The offering was made by a syndicate of underwriters consisting of HSBC Securities (Canada) Inc., Scotia Capital Inc. and RBC Capital Markets.

FCCL and the Trust were represented by McCarthy Tétrault LLP, with a team consisting of Dirk Rueter, Simon Fitzpatrick, Dean Masse, Candace Pallone, Mary Jeanne Phelan and Jo-Anna Brimmer (corporate and securities), James Morand (tax) and Kevin McElcheran (bankruptcy), and by Dewey & LeBoeuf LLP, with a team led by Joseph Topolski.

The underwriters were represented by Osler, Hoskin & Harcourt LLP, with a team consisting of Richard Fullerton, Robert Lando, Jason Comerford, Constantine Troulis and Justin Williams, and by Sonnenschein Nath & Rosenthal LLP, with a team consisting of Stephen Kudenholdt, Maria Livanos and Walter Van Dorn, Jr.