CSMART completes C$1.7 billion public offering of notes

Torys acted as counsel to CSMART and GMAC with a team that included Jim Hong, Boris Nevelev, Michael Zackheim, Eli Monas and Raymond Archer (corporate/securities), John Tobin, Richard Johnson and Andrew Wong (tax).

On March 25, 2010, Canadian SWIFT Master Auto Receivables Trust (CSMART), a newly established special purpose vehicle through which General Motors Acceptance Corporation of Canada, Limited (GMAC) securitizes its Canadian dealer floorplan loans, completed its initial public offering in each of the provinces of Canada for total proceeds of C$1.7 billion. The offering comprised one class of Floating Rate Floorplan Receivables-Backed Notes, Series 2010-1 (the notes). The notes were acquired by Business Development Bank of Canada (BDC) under 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 revolving pool of GMAC-originated dealer floorplan loans.

The offering was co-led by BMO Nesbitt Burns Inc. and Scotia Capital Inc., and included CIBC World Markets Inc., RBC Dominion Securities Inc., Société Générale Valeurs Mobilières Inc. and TD Securities Inc.