On October 12, 2016, MBARC Credit Canada Inc. (“MBARC”), an indirect wholly owned subsidiary of Daimler AG and a direct wholly owned subsidiary of Mercedes-Benz Financial Services Canada Corporation (“MBFSC”), completed an offering of $507,000,000 of asset-backed notes collateralized by a pool of over 15,000 Canadian retail auto lease contracts and the related new and used vehicles. MBFSC, the Canadian financial services provider for the Daimler group, will service the 2016-A portfolio.
MBARC financed the securitization transaction by completing a private placement in Canada, together with a concurrent Rule 144A offering in the United States, of three classes of Series 2016-A Asset-Backed Notes. RBC Dominion Securities Inc., CIBC World Markets Inc., Scotia Capital Inc. and TD Securities Inc. and their respective US registered broker dealer affiliates acted as agents in respect of the private placements of the Notes.
MBARC and MBFSC were represented by Blake, Cassels & Graydon LLP with a team that included Mark Selick, Michael Burke and Christine Creighton (structured finance); Markus Viirland and Alex MacMillan (securities); and Sabrina Wong (tax). Sidley Austin LLP was US counsel to MBARC and MBFSC with a team that included Dale Lum, Siegfried Knopf and Daria Boxer (structured finance).
The agents were represented in Canada by Stikeman Elliott LLP with a team that included Mark McElheran and John Lee (structured finance) and in the United States by Mayer Brown LLP with a team that included Julie Gillespie and Jessie Dougher (banking and finance).