asset securitization
McMillan has extensive experience in domestic and cross-border securitization
transactions and program development. We have acted on behalf of each of the
key parties to securitization transactions, including originators, conduits, financial
institutions, investment dealers, swap counterparties, liquidity and credit support
providers, master servicers and sub-servicers, trustees, custodians, rating agencies and
investors and factoring companies. We have also helped to develop single and multiseller programs for the issuance of asset-backed commercial paper and term securities.
We have been retained in connection with a variety of securitization programs
developed by many of Canada’s leading financial institutions and corporate originators
and have extensive experience in both cash and synthetic securitizations, including
CLOs and CDOs. Our securitization work is complemented by our acknowledged
expertise in derivatives. In addition, we have developed a nationally recognized
practice in defeasance transactions for commercial mortgage-backed securities. We
were also extensively involved in the restructuring efforts following the asset-backed
commercial paper crisis in August 2007 and the resulting Montreal Accord. A sampling
of some recent representative transactions in which we have been involved follows:
McMillan
LLP
Seller or Sponsor
Purchaser or Counterparty
Canadian bank
various multi-seller CP conduits
US bank
multi-seller CP conduits
Canadian credit card issuer
single-seller term conduit
Syndicate of Canadian banks
single-seller CP conduit
US reinsurance company
multi-seller CP conduits
Several Canadian banks
multi-seller CP conduits
US investment dealer
multi-seller CP conduits
Electronics manufacturer and distributor
US multi-seller CP conduits
Canadian auto manufacturing company
US multi-seller CP conduits
Canadian electrical parts distributor
multi-seller CP conduits
Canadian bank (as sponsor)
various originators
Chemical manufacturer
US conduit
Several Auto finance companies
multi-seller CP conduits
Auto finance company and retail products company
multi-seller CP conduits
Canadian bank
special-purpose trust
| mcmillan.ca
Seller or Sponsor
Purchaser or Counterparty
Real estate relocation company
multi-seller CP conduit
Canadian grain pool
special purpose trust
Auto finance company
multi-seller CP conduits
Commercial mortgage lenders
custodian (investor co-ownership)
Major printing company
multi-seller special-purpose trust
Retail products company
multi-seller CP conduit
A major finance company
multi-seller CP conduit
Commercial mortgage lender
custodian (investor co-ownership)
Auto finance company
special purpose trust
Auto finance company
multi-seller special purpose trust
Canadian bank special purpose trust
multi-seller
A major chartered bank
special purpose trust
Type of Assets/Structure
Amount (approx.)
restructuring liquidity facilities and conversion to global style liquidity
>$1,000,000,000
restructuring of leveraged super-senior CDO transactions
>$5,000,000,000 notional
term asset-backed securities
$250,000,000
restructuring of conduit liquidity facility
$300,000,000
repurchase of trust certificates
$2,600,000,000
warehouse facility for residential mortgages
$750,000,000
auto loans, involving use of qualifying special purpose entity
$300,000,000
leveraged super-senior CDO transactions
$5,600,000,000 notional
cross-border sale of trade receivables
$75,000,000
cross-border sale of trade receivables
$400,000,000
residential mortgages
$275,000,000
trade receivables
$175,000,000
established multi-seller CP conduits
various
cross-border sale of trade receivables
$100,000,000
conditional sale contracts
$500,000,000
trade receivables/concurrent lease of auto leases; restructuring
$900,000,000
McMillan
LLP
| mcmillan.ca
2
Type of Assets/Structure
Amount (approx.)
conditional sale contracts
$350,000,000
commercial mortgages
$400,000,000
loan receivables/residential mortgages
$60,000,000
government receivables; restructuring
$200,000,000
restructuring liquidity facilities and conversion to global style liquidity
>$1,000,000,000
restructuring of leveraged super-senior CDO transactions
>$5,000,000,000 notional
term asset-backed securities
$250,000,000
restructuring of conduit liquidity facility
$300,000,000
repurchase of trust certificates
$2,600,000,000
warehouse facility for residential mortgages
$750,000,000
auto loans, involving use of qualifying special purpose entity
$300,000,000
leveraged super-senior CDO transactions
$5,600,000,000 notional
cross-border sale of trade receivables
$75,000,000
cross-border sale of trade receivables
$400,000,000
residential mortgages
$275,000,000
trade receivables
$175,000,000
established multi-seller CP conduits
various
cross-border sale of trade receivables
$100,000,000
conditional sale contracts
$500,000,000
trade receivables/concurrent lease of auto leases; restructuring
$900,000,000
conditional sale contracts
$350,000,000
commercial mortgages
$400,000,000
loan receivables/residential mortgages
$60,000,000
government receivables; restructuring
$200,000,000
conditional sale contracts
$785,000,000
commercial mortgages
$550,000,000
trade receivables
$125,000,000
trade receivables
$125,000,000
personal credit lines
$250,000,000
conditional sale contracts
$1,000,000,000
McMillan
LLP
| mcmillan.ca
3
Type of Assets/Structure
Amount (approx.)
commercial mortgages
$250,000,000
credit card receivables
$250,000,000
residential mortgages
$500,000,000
conditional sale contracts
$500,000,000
concurrent lease of auto leases
$400,000,000
commercial loans
$200,000,000
credit card receivables (revolving pool, acting for liquidity lender)
$1,500,000,000
For more information, contact any of the lawyers listed below:
Calgary
Toronto
Montréal
McMillan
LLP
Edward (Ted) A. Leew
Robert M. Scavone
Patrice Beaudin
| Calgary | Toronto | Montréal | mcmillan.ca
403.531.4714
416.865.7901
514.987.5006
[email protected]
[email protected]
[email protected]
0210