A $350 million public securitization transaction was closed April 18, 2001 by Gloucester Credit Card Trust, as issuer, MBNA Canada Bank, as seller, and BMO Nesbitt Burns Inc., as lead underwriter, for an underwriting syndicate which included CIBC World Markets Inc., Merrill Lynch Canada Inc., RBC Dominion Securities Inc. and TD Securities Inc. The notes issued by Gloucester Credit Card Trust were backed by a pool of credit card receivables originated by MBNA Canada.
This transaction was the third public securitization for Gloucester Credit Card Trust and MBNA Canada. MBNA Canada is a wholly owned subsidiary of MBNA America Bank, NA, which is the world’s largest independent credit card issuer, with managed credit card balances of US$88 billion.
McCarthy Tétrault acted as counsel for Gloucester Credit Card Trust and MBNA Canada, with a team that comprised Marc J. MacMullin, François M. Gilbert, Debra MacIntyre, Alpana Garg, Justin A. Lapedus (corporate) and Gabrielle M.R. Richards (tax). Torys acted as counsel for the underwriting syndicate, with a team that comprised Michael K. Feldman, Cameron D. Koziskie (corporate) and John Unger (tax).
This transaction was the third public securitization for Gloucester Credit Card Trust and MBNA Canada. MBNA Canada is a wholly owned subsidiary of MBNA America Bank, NA, which is the world’s largest independent credit card issuer, with managed credit card balances of US$88 billion.
McCarthy Tétrault acted as counsel for Gloucester Credit Card Trust and MBNA Canada, with a team that comprised Marc J. MacMullin, François M. Gilbert, Debra MacIntyre, Alpana Garg, Justin A. Lapedus (corporate) and Gabrielle M.R. Richards (tax). Torys acted as counsel for the underwriting syndicate, with a team that comprised Michael K. Feldman, Cameron D. Koziskie (corporate) and John Unger (tax).
