Golden Credit Card Trust Completes $1.1B Note Offering

On May 18, 2010, Golden Credit Card Trust completed a public offering of $900,000,000 3.824 per cent credit card receivables backed senior notes, series 2010-1; $42,408,376.96 5.824 per cent credit card receivables backed subordinated notes, series 2010-1; $325,000,000 floating rate credit card receivables backed senior notes, series 2010-2 and $15,314,136.13 5.824 per cent credit card receivables backed subordinated notes, series 2010-2.

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 2010-1 and series 2010-2 notes.

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

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