Glacier Credit Card Trust issues C$583.9M credit card asset-backed notes
Date Closed
September 13, 2018
Lead Office
Toronto
Value
583.90 Million CAD
On September 13, 2018, Glacier Credit Card Trust completed a public offering of C$546 million principal amount of 3.138% Credit Card Asset-Backed Senior Notes, Series 2018-1 and C$37.9 million principal amount of 4.138% Credit Card Asset-Backed Subordinated Notes, Series 2018-1.
The notes issued by Glacier Credit Card Trust were backed by a pool of credit card receivables originated by or assigned to Canadian Tire Bank, an indirect, 80% owned subsidiary of Canadian Tire Corporation, Limited.
The transaction is the first public securitization offering completed by Glacier Credit Card Trust in 2018.
McCarthy Tétrault LLP advised Glacier Credit Card Trust and Canadian Tire Bank with a team led by Michael McConnell that included Mary Jeanne Phelan and Ekaterina Popoff.