CCARAT II completes C$622 million public offering of notes
On September 19, 2006, Canadian Capital Auto Receivables Asset Trust II (CCARAT), the public vehicle through which General Motors Acceptance Corporation of Canada, Limited (GMAC) currently securitizes its Canadian auto loans, completed its second public offering this year for total proceeds of C$622 million. The offering comprised senior and subordinated fixed-rate notes issued for a term of one to three years.
In connection with the offering, CCARAT also entered into a loan agreement with an asset-backed commercial paper conduit administered by BMO Nesbitt Burns Inc. for approximately C$258 million, resulting in total proceeds to CCARAT of just over C$880 million.
The notes and the loan were secured by a co-ownership interest in a pool of auto loan receivables acquired by CCARAT from GMAC.
The offering was led by BMO Nesbitt Burns Inc. and CIBC World Markets Inc., and included RBC Dominion Securities Inc., Scotia Capital Inc., and TD Securities Inc.
GMAC Canada has been operating in Canada since 1919 and has grown from a specialized automotive financing firm into a diversified family of companies, offering fully integrated financial services.