Canadian Tire Closes Securitization

On December 11, 2002, Canadian Tire Receivables Trust, as issuer, Canadian Tire Financial Services Limited, as seller, and an underwriting syndicate, which included Scotia Capital Inc., CIBC World Markets Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., National Bank Financial Inc. and TD Securities Inc., closed a $472.5 million public securitization. The notes issued by the trust were backed by a pool of credit card receivables originated by Canadian Tire Financial Services, a subsidiary of Canadian Tire Corporation, Limited.

McCarthy Tétrault LLP represented the trust, with a team comprised of Marc MacMullin, François Gilbert and Michael McConnell (corporate) in Toronto, Robert Metcalfe and Sonia Struthers (corporate) in Montreal and Gabrielle Richards and Jim Warnock (tax). Canadian Tire Financial Services was represented by in-house counsel Cameron Stewart and Robyn Collver, Canadian Tire, and by Bruce Clark and Maria Rossi of Cassels Brock & Blackwell LLP.

Stikeman Elliott LLP represented the underwriting syndicate, with a team comprised of Mark McElheran and Samantha Levy (corporate) in Toronto, François Ouimet (corporate) in Montreal and David Glicksman (tax).