On December 7, 2000, Gloucester Credit Card Trust (Gloucester), as issuer, MBNA Canada Bank (MBNA Canada), as seller, closed a $350 million public securitization transaction, marking the second public securitization for the parties. The notes were offered in two tranches, which included C$295.75 million of Series 2000-2 Class A notes and C$54.25 million of Series 2000-2 collateral notes. The Class A notes, which have an expected final maturity of three years, were offered at par and priced at 6.222 per cent a year. The collateral notes, which also have an expected final maturity in three years, were offered at par and priced at 8.171 per cent a year.
The notes issued by Gloucester Credit Card Trust were backed by a pool of credit card receivables originated by MBNA Canada—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$84.7 billion. TD Securities Inc. acted as lead underwriter for a syndicate that included BMO Nesbitt Burns Inc., CIBC World Markets Inc., Merrill Lynch Canada Inc. and RBC Dominion Securities Inc.
McCarthy Tétrault acted as counsel for Gloucester and MBNA Canada, with a team comprised of Marc J. MacMullin, François M. Gilbert, Alpana Garg (corporate) and Gabrielle M.R. Richards (tax). McCarthy Tétrault has acted on behalf of the Trust and MBNA Canada on the four previous securitization transactions pursuant to which the Trust issued $1.15 billion of notes. On the public transaction, Torys acted as counsel for the underwriting syndicate, with a team comprised of Michael K. Feldman, Nathan Verhagen, Cameron D. Koziskie (corporate) and John Unger (tax).
The notes issued by Gloucester Credit Card Trust were backed by a pool of credit card receivables originated by MBNA Canada—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$84.7 billion. TD Securities Inc. acted as lead underwriter for a syndicate that included BMO Nesbitt Burns Inc., CIBC World Markets Inc., Merrill Lynch Canada Inc. and RBC Dominion Securities Inc.
McCarthy Tétrault acted as counsel for Gloucester and MBNA Canada, with a team comprised of Marc J. MacMullin, François M. Gilbert, Alpana Garg (corporate) and Gabrielle M.R. Richards (tax). McCarthy Tétrault has acted on behalf of the Trust and MBNA Canada on the four previous securitization transactions pursuant to which the Trust issued $1.15 billion of notes. On the public transaction, Torys acted as counsel for the underwriting syndicate, with a team comprised of Michael K. Feldman, Nathan Verhagen, Cameron D. Koziskie (corporate) and John Unger (tax).
