Algonquin Credit Card Trust Completes $500M Public Offering of Notes

On July 6, 2006, Algonquin Credit Card Trust completed a public offering of $397.5 million 4.889 per cent Class A Fixed Rate Notes, Series 2006 1, $50 million 5.159 per cent Class B Fixed Rate Notes, Series 2006 1 and $52.5 million 5.459 per cent Class C Fixed Rate Notes, Series 2006-1.
Algonquin Credit Card Trust is the public vehicle through which Capital One Bank (Canada Branch) securitizes its Canadian credit card receivables. Capital One Bank (Canada Branch) is the seller and the servicer of the credit card receivables acquired by the trust.
The offering was made by a syndicate of underwriters led by RBC Dominion Securities Inc. and included BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc. and TD Securities Inc.
Algonquin Credit Card Trust and Capital One Bank (Canada Branch) were represented by Amy Campbell, assistant general counsel, Capital One Bank, and by McCarthy T├ętrault LLP, with a team that included Marc MacMullin, Michael McConnell and Sandy Gill (corporate) and Gabrielle Richards and James Warnock (tax). The underwriters were represented by Osler, Hoskin & Harcourt LLP, with a team that included Richard Borins and Richard Fullerton (corporate) and Lara Friedlander and Cassandra Priede (tax).