Ford Credit Canada Completes Retail Securitization Transaction

On January 22, 2010, Ford Credit Canada Limited (FCCL) completed a retail loan securitization transaction, receiving proceeds of approximately $510 million. In order to carry out the transaction, Ford Auto Securitization Trust, a master trust for which FCCL acts as the promoter, purchased a pool of retail conditional sale contracts from FCCL. The Trust financed the purchase by completing a public offering of three classes of Series 2010-R1 Asset-Backed Notes to third-party investors. The offering was made by a syndicate of underwriters consisting of HSBC Securities (Canada) Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and BMO Nesbitt Burns Inc.

FCCL and the Trust were represented by McCarthy Tétrault LLP, with a team consisting of Dirk Rueter, Dean Masse, Mary Jeanne Phelan and Jennifer Pyke (corporate and securities), James Morand (tax) and James Gage (bankruptcy).

The underwriters were represented by Osler, Hoskin & Harcourt LLP, with a team consisting of Richard Fullerton, Justin Williams and Constantine Troulis (corporate and securities) and Lara Friedlander (tax)