CCARAT II completes C$694.4 million public offering of notes

Torys acted as counsel to Canadian Capital Auto Receivables Asset Trust II and General Motors Acceptance Corporation of Canada (GMAC Canada) with a team in Toronto that included Michael Feldman, Jim Hong, Michael Zackheim, Luke Crosby, Eli Monas and Raymond Archer (corporate/securities), John Tobin, Richard Johnson and Andrew Wong (tax) and a team in New York that included Andy Beck and Darien Leung (corporate/securities) and Peter Keenan and David Mattingly (tax).

On March 5, 2010, Canadian Capital Auto Receivables Asset Trust II (CCARAT II), a public vehicle through which General Motors Acceptance Corporation of Canada, Limited (GMAC) securitizes its Canadian auto loans, completed its fourth public offering in Canada for total proceeds of C$694.4 million. The offering also included a concurrent Rule 144A private placement in the United States. The offering comprised senior and subordinated fixed-rate notes. The notes were secured by a co-ownership interest in a pool of auto loan receivables acquired by CCARAT II from GMAC.

The public offering in Canada was led by Merrill Lynch Canada Inc. and RBC Dominion Securities Inc., and included BMO Nesbitt Burns Inc., CIBC World Markets Inc., Credit Suisse Securities (Canada), Inc., Scotia Capital Inc. and TD Securities Inc.

The Rule 144A private placement in the United States was led by Banc of America Securities LLC and RBC Capital Markets Corporation, and also included Credit Suisse Securities (USA) LLC.