Transactions & Cases Detail
Ford Floorplan Auto Securitization Trust completes C$460 million public offering of notes
June 24, 2013
460 Million CAD
On June 24, 2013, Ford Floorplan Auto Securitization Trust, an Ontario trust sponsored by Ford Credit Canada Limited, completed a public offering of asset-backed notes in Canada. The offering generated proceeds of approximately C$460 million through the issue of Series 2013-F1 Fixed Rate Asset-Backed Notes. The offering was made by a syndicate of underwriters consisting of RBC Dominion Securities Inc., CIBC World Markets Inc., HSBC Securities (Canada) Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., Merrill Lynch Canada Inc. and TD Securities Inc.
The proceeds of the offering were used primarily to finance a revolving pool of dealer floorplan finance receivables purchased from Ford Credit Canada. The receivables arise in connection with the purchase and financing by motor vehicle dealers located in Canada of their new and used car, truck and utility vehicle inventory.
McCarthy Tétrault LLP represented Ford Credit Canada and Ford Floorplan Auto Securitization Trust, with a team led by Dirk Rueter.