CFI Trust Completes AAA-Rated Notes Offering

On October 1, 2003, CFI Trust, a special-purpose vehicle administered by CFI Leasing Limited, a wholly owned subsidiary of Corpfinance International Limited, completed its initial public offering by way of prospectus supplement to a base shelf prospectus of $130 million of 3.399 per cent receivables-backed notes, series 2003-1, class A with an expected final payment date of September 15, 2005, and $60 million of 3.805 per cent receivables-backed notes, series 2003-2, class A with an expected final payment date of September 15, 2006.

The notes are backed by the trust’s assets, which include interests in a revolving portfolio of automobile leases and secured loans acquired from manufacturer-franchised automobile dealers and independent leasing companies. The underwriting syndicate was led by BMO Nesbitt Bunrs Inc., and included HSBC Securities (Canada) Inc. and Scotia Capital Inc.

The trust and Corpfinance, the promoter of the trust, were represented by Gowling Lafleur Henderson LLP with a team that included John Burns, Tina Woodside, Jason Saltzman and Leonard Serafini. The underwriters were represented by Davies Ward Phillips & Vineberg LLP, with a team that included Peter Hong and R. Brian Calalang.