October 15, 2026
Eagle Credit Card Trust issues C$250 million credit card receivables-backed notes
Torys acted as counsel to Eagle Credit Card Trust and President’s Choice Bank with a team that included Jim Hong, Michael Murphy, Sarah Rimer and Stephen Mapplebeck (corporate/securities).
On October 15, 2026, Eagle Credit Card Trust completed its public offering of C$250 million aggregate principal amount of credit card receivables-backed notes in three classes, consisting of
- C$232.5 million aggregate principal amount of 4.207% credit card receivables-backed Class A notes
- C$8.75 million aggregate principal amount of 4.787% credit card receivables-backed Class B notes
- C$8.75 million aggregate principal amount of 6.087% credit card receivables-backed Class C notes
Eagle Credit Card Trust was established for the purpose of purchasing undivided co-ownership interests in a revolving pool of credit card receivables of President's Choice Bank, which became a wholly-owned subsidiary of Equitable Bank on July 1, 2026.