Transaction|January 20, 2004
CCARAT completes C$1 billion offering of notes
Torys acted as counsel to Canadian Capital Auto Receivables Asset Trust and General Motors Acceptance Corporation of Canada, working with GMAC's in-house legal team directed by Wende Rapson in Toronto and Richard Kent in Detroit. The Torys team included Michael Feldman, Jim Hong, Victoria Carrier and Glen Johnson (corporate) and John Tobin (tax).
On January 20, 2004, Canadian Capital Auto Receivables Asset Trust (CCARAT), the public vehicle through which General Motors Acceptance Corporation of Canada Limited (GMAC) securitizes its Canadian loans, completed its second Canadian offering of one-year, two-year and three-year asset-backed notes, totaling C$650 million. In connection with the offering, CCARAT also entered into a loan agreement with an asset-backed commercial paper conduit for approximately C$351 million, resulting in total proceeds to CCARAT of just over C$1 billion.
The offering was led by Scotia Capital and RBC Dominion Securities, and included BMO Nesbitt Burns, CIBC World Markets, TD Securities and National Bank Financial.