CCARAT Completes $1B Offering

On January 20, 2004, Canadian Capital Auto Receivables Asset Trust (CCARAT), the public vehicle through which General Motors Acceptance Corporation of Canada, Ltd. (GMAC) securitizes its Canadian loans, completed its second Canadian offering of one-year, two-year and three-year asset-backed notes, totalling $650 million. In connection with the offering, CCARAT also entered into a loan agreement with an asset-backed commercial paper conduit for approximately $351 million, resulting in total proceeds to CCARAT of approximately $1 billion. The offering was led by Scotia Capital Inc. and RBC Dominion Securities Inc., and included BMO Nesbitt Burns Inc., CIBC World Markets Inc., TD Securities Inc. and National Bank Financial.

CCARAT and GMAC Canada were represented by Torys LLP, with a team that included Michael Feldman, Jim Hong, Victoria Carrier and Glen Johnson (corporate) and John Tobin (tax). GMAC’s in-house legal team was led by counsel Wende Rapson in Toronto and Richard Kent in Detroit. The underwriters were represented by Davies Ward Phillips & Vineberg LLP, with a team that included Michael Clifford, Timothy Moran and Peter Westcott.


Peter G. Westcott Victoria L. Carrier Glen R. Johnson Jim Hong Timothy H. Moran John J. Tobin Michael W. Clifford


Torys LLP Davies Ward Phillips & Vineberg LLP