Gloucester Credit Card Trust, as issuer, MBNA Canada Bank, a wholly owned subsidiary of MBNA America Bank, N.A., as seller, and an underwriting syndicate, which included RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., and TD Securities Inc., closed a $350 million public securitization transaction. The notes issued by the trust were backed by a pool of credit card receivables originated by MBNA Canada. The deal closed on May 7, 2003.
McCarthy Tétrault LLP acted for the trust and MBNA Canada, with a team that included Marc MacMullin, François Gilbert and Richard O’Doherty (corporate) and Gabrielle Richards and Jim Warnock (tax). Torys LLP acted for the underwriting syndicate, with a team that included Michael Feldman, Glen Johnson and Don MacInnis (corporate) and John Tobin (tax).