Gloucester Credit Card Securitization

On June 28, 2000, Gloucester Credit Card Trust, as issuer, MBNA Canada Bank, as seller and administrative agent, and RBC Dominion Securities Inc., as lead underwriter for an underwriting syndicate which included BMO Nesbitt Burns Inc., CIBC World Markets Inc., Merrill Lynch Canada Inc. and TD Securities Inc. closed a $400 million public securitization transaction. The notes issued by Gloucester Credit Card Trust were backed by a pool of credit card receivables originated by MBNA Canada.

This transaction was the first public securitization for Gloucester Credit Card Trust and MBNA Canada. MBNA Canada is a wholly-owned subsidiary of MBNA America Bank, N.A., which is the world’s largest independent credit card issuer, with managed credit card balances of US$72.3 billion.

McCarthy Tétrault acted as counsel for Gloucester Credit Card Trust and MBNA Canada, with the team being comprised of Marc J. MacMullin, F. Gordon Thompson, François M. Gilbert and Krista McLeod (corporate) and Gabrielle M.R. Richards (tax). McCarthy Tétrault also acted on behalf of the Trust and MBNA Canada on three previous private securitization transactions pursuant to which the Trust issued $750 million of notes. On the public transaction, Torys acted as counsel for the underwriting syndicate, with the team being comprised of Michael K. Feldman, James D. Scarlett and Rhonda L. Maines (corporate) and John Unger (tax).

Lawyer(s)

François M. Gilbert Michael K. Feldman Gabrielle M.R. Richards Marc J. MacMullin F. Gordon Thompson Rhonda L. Maines-Corrado John Unger James D. Scarlett