Sprint Canada compoletes Receivables Securitization Facility

On July 23, 2003, Sprint Canada Inc., a wholly owned subsidiary of Call-Net Enterprises Inc., entered into a co-ownership and servicing agreement with Finacity Trust, a special purpose trust administered by National Bank Financial Inc. to securitize up to $55 million of certain receivables originating from Sprint Canada’s consumer and enterprise business units. New York-based Finacity Corporation, Inc. agreed to provide certain back office support in its capacity as subservicer. BNY Trust Company of Canada agreed to act as back-up servicer and as custodian under the co ownership and servicing agreement.

Sprint Canada and Call-Net Enterprises were represented in-house by George Malysheff, senior vice-president, CLC and corporate secretary, and Nizam Hasham, senior legal counsel; in Canada by Stikeman Elliott LLP with a team that included Mike Carman, Mark McElheran, D’Arcy Nordick and Samantha Levy (corporate) and David Glicksman (tax); and in the U.S. by Chris Gores of Akin Gump Strauss Hauer & Feld LLP in Dallas.

National Bank Financial and Finacity were represented by McCarthy Tétrault LLP, with a team that included Gordon Thompson, Jim Archer and Aimée Downey (corporate) and James Warnock (tax).