Ford Credit Canada Limited Announces Sale of Retained Subordinated Notes


    


    
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<p>DEARBORN, Mich., <chron>Jan. 27</chron> /CNW/ -- Ford Credit <location>Canada</location> Limited announced today that it completed a sale of subordinate notes, receiving immediately available proceeds of approximately <money>$28 million</money> (Canadian).</p>
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<p>The notes were issued by a master trust sponsored by Ford Credit <location>Canada</location> Limited, Ford Auto Securitization Trust (FAST), and are backed by a pool of retail conditional sale contracts from Ford Credit <location>Canada</location> Limited. Ford Credit <location>Canada</location> Limited purchased these notes from FAST on <chron>January 22, 2010</chron>, and is now selling them to a third party investor.</p>
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<p>FAST is consolidated with Ford Credit <location>Canada</location> 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 <location>Canada</location> Limited.</p>
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<p>Ford Credit <location>Canada</location> Limited will use the immediately available proceeds for general corporate purposes.  Ford Credit <location>Canada</location> Limited is an indirect, wholly owned subsidiary of Ford Motor Credit Company.</p>
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<p>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 <a href="http://www.fordcredit.com">www.fordcredit.com</a>.</p>
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For further information: For further information: Media: Margaret Mellott, +1-313-322-5393, mmellott@ford.com; or Fixed Income Investment Community: David Dickenson, +1-313-621-0881, ddickens@ford.com, both of Ford Motor Credit Company LLC Web Site: http://www.fordcredit.com

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FORD MOTOR CREDIT COMPANY LLC

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