Golden Credit Card Trust securitization raises $1.2 billion29 January 2006
Golden Credit Card Trust today announced it has closed a $1.2 billion private placement of notes backed by Royal Bank of Canada credit card receivables.
Golden Credit Card Trust privately placed one series of senior and subordinated notes having a term of five years. Details of the issue are:
- $1,146,000,000 4.254% Credit Card Receivables-Backed Senior Notes,
Series 2006-1 with an expected payment date of February 15, 2011.
- $54,000,000 4.734% Credit Card Receivables-Backed Subordinated Notes,
Series 2006-1 with an expected final payment date of
February 15, 2011
Proceeds of the private placement have been used to purchase an undivided co-ownership interest in a pool of consumer Visa (registered trade-mark of Visa International Service Association; Royal Bank of Canada licensee) credit card receivables originated by Royal Bank of Canada.
The senior and subordinated notes were underwritten by RBC Dominion Securities Inc.
The senior notes rated AAA by Dominion Bond Rating Service Limited and Aaa by Moody's Investors Service, Inc., account for 95.5% of the total offering. The subordinated notes totalling 4.5% of the offering were rated BBB (high) by Dominion Bond Rating Service Limited and Baa1 by Moody's Investors Service, Inc.
For further information: Jackie Braden, RBC Financial Group, Media Relations, (416) 974-2124; David Power, RBC Financial Group, Corporate Treasury, (416) 974-4751
Source: newswire
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