On June 5, 2008, Gloucester Credit Card Trust, as issuer, MBNA Canada Bank, as seller, and an underwriting syndicate, which included RBC Dominion Securities Inc., TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and Scotia Capital Inc., closed a $452 million public securitization transaction. The notes issued by Gloucester Credit Card Trust were backed by a pool of credit card receivables originated by MBNA Canada Bank.
This transaction was the tenth public securitization for Gloucester Credit Card Trust and MBNA Canada Bank. MBNA Canada Bank is a wholly owned subsidiary of FIA Card Services, National Association (formerly, MBNA America Bank, National Association), which is the world's largest independent credit card issuer.
McCarthy Tétrault LLP acted as counsel for Gloucester Credit Card Trust and MBNA Canada Bank, with a team comprised of Marc J. MacMullin, Dean C. Masse and Aaron Klopp (corporate), and Gabrielle M.R. Richards (tax).
Torys LLP acted as counsel for the underwriting syndicate, with a team comprised of Michael K. Feldman and Victoria Blond (corporate), and John J. Tobin (tax).