On November 30, 2010, Glacier Credit Card Trust, as issuer, Canadian Tire Bank, as seller, and a dealer syndicate led by BMO Nesbitt Burns Inc. and CIBC World Markets Inc., and including RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc. and National Bank Financial Inc., closed a $264,551,000 public securitization.
The notes issued by the trust were backed by a pool of credit card receivables originated by or assigned to Canadian Tire Bank, a direct wholly owned subsidiary of Canadian Tire Financial Services Limited and an indirect, wholly owned subsidiary of Canadian Tire Corporation, Limited.
McCarthy Tétrault LLP represented Glacier Credit Card Trust and Canadian Tire Bank, with a team that comprised Marc MacMullin, Michael McConnell and Tina Benson (corporate) in Toronto; Robert Metcalfe (corporate) in Montréal and Gabrielle Richards (tax). Canadian Tire Bank was also represented by William Zeyl, Vice President, Legal and Regulatory Affairs, Canadian Tire Financial Services.
Stikeman Elliott LLP represented the dealer syndicate, with a team that comprised Mark McElheran and Marc-André Wilson (corporate) in Toronto; François Ouimet (corporate) in Montréal and Jonathan Willson (tax).