Broadway Credit Card Trust announces planned addition of credit enhancements for its outstanding credit card receivables-backed notes



    TORONTO, April 8 /CNW/ - To optimize the credit enhancement structure of
Broadway Credit Card Trust's credit card receivables-backed notes program and
in consultation with Citi Cards Canada Inc. ("Citi Cards"), Moody's Investors
Service and DBRS Limited, Broadway and Citi Cards intend to provide additional
credit enhancements to Broadway's outstanding Series 2004-2, 2008-1, 2008-2
and 2008-3 Credit Card Receivables-Backed Notes (the "Notes"). Broadway
expects that the amount of additional credit enhancements for the Class A
Notes of each of Series 2004-2 and 2008-3 will initially be approximately 5%
of the outstanding principal amount of such Notes, and that the amount of
additional credit enhancements for the Class A Notes of each of Series 2008-1
and 2008-2 will initially be approximately 4% of the outstanding principal
amount of such Notes. It is anticipated that Citi Cards will acquire and hold
newly issued subordinated notes and that the additional credit enhancements
will be put in place on or about May 1, 2009.
    Affirmation of the current ratings of each Series of Notes is required to
execute the amendments necessary to provide the additional credit
enhancements. Broadway and Citi Cards cannot guarantee that these affirmations
will be forthcoming or that the timing or amount of the additional credit
enhancements will be as described above.





For further information:

For further information: 

Organization Profile

BROADWAY CREDIT CARD TRUST

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890