Sears Canada Establishes New Securitization Vehicle, SCORE Trust

SCORE Trust, a new securitization vehicle established by Sears Canada Inc., completed its initial public offering of approximately $275 million of senior and subordinated notes on November 1, 2001. This offering follows on the heels of SCORE Trust’s initial September 5 offering of approximately $550 million of commercial paper and subordinated notes. All the notes are backed by credit card receivables: SCORE Trust purchases from Sears undivided co-ownership interests in a pool of credit card receivables generated by the use of Sears and Eatons credit cards issued by Sears.

Torys acted for SCORE Trust and Sears, with a team that included Kathleen Keller-Hobson, GuyLaine Charles, Dan Donnelly, Wendy Kennish and Jamie Feehely. Also representing Sears was Corinne Sklar, senior corporate counsel. Stikeman Elliott acted for CIBC World Markets, the lead underwriter, with a team that included Michael Rumball, Michael Carman, Mark McElheran, Jason Kroft and Stacey Hoisak.