Structured Finance Transaction with National Bank of Canada

Goodman Philips & Vineberg is representing the National Bank of Canada in a structured finance transaction to securitize its head office. The Bank, through a subsidiary, has leased its Montreal head office to a single purpose trust for $110,000,000 in prepaid rent., the payment of which was concurrently financed by way of a bond issue. The trust in turn subleased the entire property to the Bank. The GPV team is comprised of David S. Ehrlich, Sheldon Silver, Kenneth Herlin, Neill I. May, Mark A. Surchin and Bahiyyih Chaffers of the Toronto office and Pierre-André Themens, Michel Pelletier, Alan Z. Golden, Maryse Bertrand and Genviève Dufour of the Montreal office. PricewaterhouseCoopers, led by Harold A. Burke, played a major role in the tax and accounting structuring of the transaction. Robert Y. Girard of Desjardins Ducharme Stein Monast is acting for National Bank Financial in the sale of the bonds while Viateur Chenard from Stikeman Elliott is acting for the major beneficiary of the Trust.