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 $700 million CAD ($658 million).

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 a third party investor. This transaction is not associated with the Canadian Secured Credit Facility.

FAST is consolidated with Ford Credit Canada Limited for accounting purposes, which means that 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 loan the immediately available proceeds to an indirect parent company. Ford Credit Canada Limited is an indirect, wholly owned subsidiary of Ford Motor Credit Company.

 

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