CCARAT III completes C$1.263 billion offering of auto loan receivables-backed notes

Torys acted as counsel to GMAC and CCARAT III with a team that included Jim Hong, Michael Zackheim, Raymond Archer, Eli Monas (corporate/securities), John Tobin and Richard Johnson (tax) in Toronto, and Darien Leung (corporate) in New York.

On January 19, 2010, Canadian Capital Auto Receivables Asset Trust III (CCARAT III), one of the public vehicles through which General Motors Acceptance Corporation of Canada, Limited (GMAC) securitizes its Canadian auto loans, completed its first public offering for total proceeds of C$1.263 billion.The offering comprised one class of 2.716% Auto Loan Receivables-Backed Notes, Series 2010-1 (the notes). The notes were acquired by Business Development Bank of Canada (BDC) pursuant to the C$12 billion Canadian secured credit facility announced in the 2009 Federal budget and administered by BDC. The Notes are secured by a co-ownership interest in a pool of GMAC originated auto loan receivables.

The offering was co-led by Scotia Capital Inc. and BMO Nesbitt Burns Inc., and included Deutsche Bank Securities Limited, Merrill Lynch Canada Inc., RBC Dominion Securities Inc. and TD Securities Inc.