DEARBORN, Mich., Oct. 5 /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 $700 million CAD.
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. 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 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.
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 and Volvo dealers and customers. More information can be found at http://www.fordcredit.com and at Ford Motor Credit's investor center, http://www.fordcredit.com/investorcenter/ .
SOURCE FORD MOTOR CREDIT COMPANY
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