Golden Credit Card Trust Closes $950M US Note Offerings

Golden Credit Card Trust, a Canadian special purpose issuer, closed its offerings of $950 million US aggregate principal amount of Credit Card Receivables Backed Senior Notes. The notes were issued in two series: a floating rate series (Series 2012-1) with $500 million aggregate principal amount of Credit Card Receivables Backed Senior Notes and a fixed rate series (Series 2012-2) with $450 million aggregate principal amount of Credit Card Receivables Backed Senior Notes.

The offerings of the notes were made in the United States pursuant to Rule 144A under the U.S. Securities Act of 1933. The Lead Bookrunner for the Series 2012-1 senior notes was RBC Capital Markets, LLC and the Joint Lead Bookrunners for the series 2012-2 senior notes were RBC Capital Markets, LLC and Citigroup Global Markets Inc. Each series of notes is backed by a related co-ownership interest in a pool of credit card receivables originated by Royal Bank of Canada. Golden Credit Card Trust purchased such co-ownership interests from Royal Bank of Canada with the proceeds of the issuance of the notes, and Royal Bank of Canada is the servicer of the pool of credit card receivables.

Working with Royal Bank of Canada in-house counsel, Erin Dion and Evan Hillman, McCarthy Tétrault LLP acted for the Trust and Royal Bank of Canada with a team that included Marc MacMullin, Andrew Parker, Michael McConnell, Matthew Appleby and Emily Ng (corporate) and Gabrielle Richards (tax). Katten Muchin Rosenman LLP provided US legal advice to the Trust and Royal Bank of Canada with a team that included Joseph Topolski and Mitch Sprengelmeyer (corporate) and Anna-Liza Harris (tax).

The Lead Bookrunners were advised on Canadian and US matters by Osler, Hoskin & Harcourt LLP with a team that included Rick Fullerton (corporate) and Lara Friedlander (tax) in Toronto; and Jason Comerford (corporate) and Bill Corcoran (tax) in New York.