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Securitization and Asset-Based Finance

Our Securitization and Asset-based Finance Group has had extensive involvement in a broad range of securitization transactions.
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Our Securitization and Asset-based Finance Group has had extensive involvement in a broad range of securitization transactions. Our experience includes the securitization of leases (both capital and operating), credit card and finance receivables, consumer loans, mortgage receivables and trade receivables. We have been involved in transactions that have utilized single-seller and multi-seller conduits and that have utilized a variety of transaction structures, including sale/sale/leaseback and concurrent lease arrangements, as well as cross-border structures.

Our Group has primarily represented originating corporations and institutions in the securitization of their assets. We have also worked closely with underwriters, rating agencies and governments in connection with securitization transactions. Our clients have included MRS Trust Company, Chrysler Credit, AT&T Capital, John Deere Credit, Rio Algom, Ford Credit, Alter Moneta, The Toronto Hospital, the Province of British Columbia and Merrill Lynch.

Some of the securitization transactions in which we have been involved include:

  • structuring advice on behalf of major investment dealers involving a variety of income-producing assets such as credit card receivables, leases, commercial loans, consumer loans and conventional mortgages;
  • acting on behalf of major North American car manufacturers and their related financial services organizations in connection with securitization of lease receivables and residual values;
  • acting on behalf of major finance corporations in connection with the securitization of their lease, conditional sale and instalment sale contract receivables;
  • acting on behalf of originators in connection with the securitization of their trade receivables on both a revolving and non-revolving basis, including the sale of Canadian and U.S. receivables in cross-border structures;
  • acting on behalf of Merrill Lynch Canada, as underwriter, in the first public issuance of Commercial Mortgage Backed Securities in Canada; and
  • acting on behalf of the Province of British Columbia in structuring and implementing a single seller, multi-asset conduit as a vehicle for securitization of various categories of provincial government assets; and in the subsequent securitization of various tranches of assets.

In connection with mortgage-backed securities, our firm has, for example, been extensively involved with the Canada Mortgage and Housing Corporation Mortgage-Backed Securities Program (the CMHC MBS Program) since its inception in 1986.

Members of our Group, including Jon Levin, Alan Schwartz and Robert Godin have spoken at seminars, conferences and other industry and government-sponsored events in connection with securitization transactions. Jon Levin is listed in the Canadian Legal Directory, LEXPERT, as a leading practitioner in Canada in the asset securitization field.

Client Work

  • Royal Bank of Canada leads syndicate in the provision of a US$185 million credit facility for WideOrbit LLC,
  • Kazax Minerals closes C$2.5 million financing through private placement,
  • Fluormin plc is acquired for £14.3 million,
  • Ucore Rare Metals completes a US$5 million equity offering,
  • Redknee Solutions announces closing of special warrant financing for gross proceeds of US$45 million,
  • Teck Metals sells interest in the Waneta Dam to BC Hydro for US$825 million,
  • The Brick Group Income Fund completes recapitalization transaction,
  • Private offering of notes of Whitehall Trust, Devonshire Trust, Foundation Trust and Apsley Trust,
  • Two Schedule B banks offer a principal protected notes program,



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