On February 11, 2008, Glacier Credit Card Trust, as issuer, Canadian Tire Bank, as seller, and an underwriting syndicate led by BMO Nesbitt Burns Inc. and Scotia Capital Inc. and including CIBC World Markets Inc., RBC Dominion Securities Inc., Merrill Lynch Canada Inc., National Bank Financial Inc. and TD Securities Inc., closed a $634,930,000 public securitization. The notes issued by the trust were backed by a pool of credit card receivables originated by or assigned to Canadian Tire Bank, a direct wholly-owned subsidiary of Canadian Tire Financial Services Limited and an indirect, wholly-owned subsidiary of Canadian Tire Corporation, Limited.
McCarthy Tétrault LLP represented Glacier Credit Card Trust and Canadian Tire Bank, with a team comprised of Marc MacMullin, Dean Masse, Michael McConnell, Tim Stewart and Jo-Anna Brimmer (corporate) in Toronto, Robert Metcalfe (corporate) in Montreal and Gabrielle Richards and Jim Warnock (tax). Canadian Tire Bank was also represented by Vice President and General Counsel Robyn Collver, Canadian Tire Financial Services. Stikeman Elliott LLP represented the underwriting syndicate, with a team comprised of Michael Carman, Mark McElheran and Maurice Swan (corporate), Kevin Kelly and Jonathan Willson (tax).