Glacier Credit Card Trust Closes $423M Public Securitization

Glacier Credit Card Trust, as issuer, Canadian Tire Bank, as seller, and a dealer syndicate led by BMO Nesbitt Burns Inc. and CIBC World Markets Inc. and including TD Securities Inc., RBC Dominion Securities Inc., Scotia Capital Inc., HSBC Securities (Canada) Inc. and National Bank Financial Inc., closed a $423,281,000 public securitization.

The notes issued by the trust were backed by a pool of credit card receivables originated by or assigned to Canadian Tire Bank, a direct wholly owned subsidiary of Canadian Tire Financial Services Limited and an indirect, wholly owned subsidiary of Canadian Tire Corporation, Limited.

McCarthy Tétrault LLP represented Glacier Credit Card Trust and Canadian Tire Bank, with a team comprising Marc MacMullin, Michael McConnell and Kerri Lui (corporate) in Toronto; Robert Metcalfe (corporate) in Montreal and Gabrielle Richards (tax). Canadian Tire Bank was also represented by William Zeyl, Vice President and Associate General Counsel, Canadian Tire Corporation, and Chief Counsel, Canadian Tire Financial Services.

Stikeman Elliott LLP represented the dealer syndicate, with a team comprising Mark McElheran (corporate) in Toronto; Francois Ouimet (corporate) in Montreal and Jonathan Willson (tax).