Golden Credit Card Trust closes US$600 million note offering

Golden Credit Card Trust, a Canadian special purpose issuer, closed its offering of US$600-million aggregate principal amount of credit card receivables-backed senior notes.

The notes were issued in a floating rate series (Series 2013-2) with US$600-million aggregate principal amount of credit card receivables-backed senior notes. The offering of the notes was made in the US pursuant to Rule 144A under the US Securities Act of 1933.

The lead bookrunner for the senior notes was RBC Capital Markets, LLC. The notes are backed by a related co-ownership interest in a pool of Canadian credit card receivables originated by Royal Bank of Canada. Golden Credit Card Trust purchased such co-ownership interest from Royal Bank of Canada with the proceeds of the issuance of the notes, and Royal Bank of Canada is the servicer of the pool of credit card receivables.

Working with Royal Bank of Canada in-house counsel, Melinda Anderson and Javier Gonzalez, McCarthy Tétrault LLP acted for the trust and Royal Bank of Canada with a team of Marc MacMullin, Andrew Parker, Michael McConnell, Candace Pallone and Jeremy Pleasant (corporate) and Gabrielle Richards (tax).

Katten Muchin Rosenman LLP provided US legal advice to the trust and Royal Bank of Canada with a team of Joseph Topolski and Mitch Sprengelmeyer (corporate) and Anna-Liza Harris (tax).

The lead bookrunner was advised on Canadian and US matters by Osler, Hoskin & Harcourt LLP with a team of Rick Fullerton (corporate) and Lara Friedlander (tax) (Toronto) and Jason Comerford (corporate) and Paul Seraganian (tax) (New York).