Gloucester and MBNA Close Securitization

Gloucester Credit Card Trust, as issuer, and MBNA Canada Bank, a wholly owned subsidiary of MBNA America Bank, N.A., as seller, closed a $350 million securitization transaction on November 19, 2001. The notes issued by Gloucester were backed by a pool of credit card receivables originated by MBNA Canada and were privately placed.

McCarthy Tétrault LLP acted as counsel for Gloucester and MBNA Canada, with a team that comprised Marc MacMullin, François Gilbert and Alpana Garg (corporate) and Gabrielle Richards (tax). Torys LLP acted as counsel for the purchaser of the notes, with a team comprised of Michael Feldman, GuyLaine Charles and Chris Fowles.