Ford Floorplan Auto Securitization Completes $1.1B IPO

On November 17, 2006, Ford Floorplan Auto Securitization Trust™, an Ontario trust sponsored by Ford Credit Canada Limited, completed its initial public offering of asset-backed notes in Canada. The offering generated proceeds of approximately $1.1 billion through the issue of three series of notes: $200 million Class A and $8 million Class B Series 2006-1 floating rate asset-backed notes, $600 million Class A and $24 million Class B Series 2006-2 fixed rate asset-backed notes and $250 million Class A and $10 million Class B Series 2006-3 fixed rate asset-backed notes. The offering was made by a syndicate of underwriters co-led by BMO Nesbitt Burns Inc., RBC Dominion Securities Inc. and Scotia Capital Inc.

The proceeds of the offering were used primarily to purchase a revolving pool of dealer floorplan finance receivables from Ford Credit Canada Limited and its whollyowned subsidiary, PRIMUS Automotive Financial Services Canada Company. The receivables arise in connection with the purchase and financing by motor vehicle dealers located in Canada of their new and used car and truck inventory.

Ford Credit Canada and Ford Floorplan Auto Securitization Trust™ were represented by McCarthy Tétrault LLP, with a team consisting of Dirk Rueter, Simon Fitzpatrick, Richard O'Doherty, Lynn Parsons, Margaret Forbes, Bonnie Tse and Jo-Anna Brimmer (corporate), Jim Morand and Jim Warnock (tax) and Terry Dolan (bankruptcy). Osler, Hoskin and Harcourt LLP represented the underwriters, with a team consisting of Rick Fullerton and Joseph Cosentino (corporate) and Lara Friedlander and Cassandra Priede (tax).