Golden Credit Card Trust Completes $1.057 Billion Note Offering

On April 25, 2008, Golden Credit Card Trust completed a public offering of $500,000,000 5.106 per cent credit card receivables backed senior notes, series 2008-1; $23,561,000 6.856 per cent credit card receivables backed subordinated notes, series 2008-1; $500,000,000 5.421 per cent credit card receivables backed senior notes, series 2008-2 and $23,561,000 7.421 per cent credit card receivables backed subordinated notes, series 2008-2. For the senior notes of both series, the underwriting syndicate was led by RBC Dominion Securities Inc. and also included CIBC World Markets Inc., TD Securities Inc. and National Bank Financial Inc. RBC Dominion Securities Inc. was the sole underwriter for the subordinated notes of each series. Royal Bank of Canada is the seller and the servicer of the credit card receivables acquired by the trust, which back the series 2008-1 and series 2008-2 notes.

Golden Credit Card Trust and Royal Bank of Canada were represented by Senior Counsel Paul Guthrie, Royal Bank of Canada; and by McCarthy Tétrault LLP, with a team that included Marc MacMullin, Michael McConnell, Kordell Fournier and Aaron Klopp (corporate), and Gabrielle Richards (tax).

The underwriters were represented by Osler, Hoskin & Harcourt LLP, with a team that included Rick Fullerton and Jeffrey Novak (corporate), and Lara Friedlander and Helen Ferrigan (tax).