On April 9, 2010, NIF-T, a special purpose trust sponsored by Nissan Canada Inc., completed a public offering of $300,000,000 of Series 2010-1 asset-backed notes. This was the sixth public offering completed by NIF-T since its initial public offering in 2001.
The proceeds of the offering, together with the proceeds of a concurrent private placement of approximately $360 million of asset-backed notes, financed the acquisition of a pool of lease receivables relating to certain Nissan and Infiniti private passenger automobiles, sports utility vehicles, mini-vans and trucks.
The publicly offered notes were acquired by the Business Development Bank of Canada under the Canadian Secured Credit Facility, which was established in early 2009 as part of the Government of Canada's Extraordinary Financing Framework.
Nissan Canada Inc. and NIF-T were represented in Toronto by Mark McElheran, Michael Rumball, Greg Herget, Vic Arora (corporate/securitization), Alan Kenigsberg and Jonathan Willson (tax), and in Montréal by François Ouimet (corporate/securitization) of Stikeman Elliott LLP.
Business Development Bank of Canada was represented in-house by Banu Ozlem Unal, Counsel, Securitization, and by Dirk Rueter and Michael McConnell of McCarthy Tétrault LLP.
RBC Dominion Securities acted as the agent for the offering and was represented by Rick Fullerton and Aaron Unterman (corporate/securitization) and Lara Friedlander (tax) of Osler, Hoskin & Harcourt LLP.