DEARBORN, Mich., March 31 /CNW/ -- 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 $1.0
Under the securitization transaction, a newly established trust sponsored
by Ford Credit Canada purchased a pool of retail conditional sale contracts
from Ford Credit Canada. The trust financed the purchase by issuing asset-
backed notes to third parties.
The trust will be consolidated with Ford Credit Canada for accounting
purposes. As a result of such consolidation, both the pool of retail
contracts and the indebtedness incurred by the trust with respect to the
asset-backed notes will be reflected on the consolidated financial statements
of Ford Credit Canada.
Ford Credit Canada will use most of the immediately available proceeds to
repay indebtedness owing to Ford Motor Credit Company. Ford Credit Canada 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 supported the sale of Ford products since 1959. Ford
Motor Credit is an indirect, wholly owned subsidiary of Ford Motor Company.
It provides automotive financing for Ford, Lincoln, Mercury, Jaguar, Land
Rover, Mazda and Volvo dealers and customers. More information can be found
at http://www.fordcredit.com and at Ford Motor Credit's investor center,
For further information:
For further information: Media: Mary Bensen, +1-313-845-3149,
email@example.com, or Fixed Income Investment Community: David Dickenson,
+1-313-621-0881, firstname.lastname@example.org, both of Ford Motor Credit Company Web