Ford Credit Canada Limited Announces Retail Securitization Transaction
DEARBORN, Mich. – Ford Credit Canada Limited announced today that it completed a securitization of a pool of retail conditional sale contracts, receiving immediately available proceeds of approximately $510 million (Canadian).
Under the securitization transaction, a master trust sponsored by Ford Credit Canada Limited, Ford Auto Securitization Trust (FAST), purchased a pool of retail conditional sale contracts from Ford Credit Canada Limited. FAST financed the purchase by issuing a series of asset-backed notes to third party investors. This transaction is not associated with the government-sponsored Canadian Secured Credit Facility.
FAST is consolidated with Ford Credit Canada Limited for accounting purposes. As a result of such consolidation, both the pool of retail contracts and the indebtedness incurred by FAST with respect to the series of asset-backed notes will be reflected on the consolidated financial statements of Ford Credit Canada Limited.
Ford Credit Canada Limited will use the immediately available proceeds to repay indebtedness owing to Ford Credit International, Inc. Ford Credit Canada Limited is an indirect, wholly owned subsidiary of Ford Motor Credit Company.
# # #
Ford Motor Credit Company LLC is one of the world’s largest automotive finance companies and has provided dealer and customer financing to support the sale of Ford Motor Company products since 1959. Ford Credit is an indirect, wholly owned subsidiary of Ford. For more information, visit www.fordcredit.com.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.