DEARBORN, Mich., June 29, 2009 – 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 $0.6 billion (Canadian). This is Ford Credit Canada Limited's first public retail securitization.
Under the securitization transaction, a master trust sponsored by Ford Credit Canada Limited purchased a pool of retail conditional sale contracts from Ford Credit Canada Limited. The trust financed the purchase by issuing a series of asset-backed notes to third-party investors. This transaction is not associated with the government's Canadian Secured Credit Facility.
The trust will be 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 the trust 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 use the immediately available proceeds to repay indebtedness owing to Ford Credit International, Inc. Ford Credit Canada Limited is an indirect, wholly owned subsidiary of Ford Motor Credit Company.
###
About 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 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 www.fordcredit.com and at Ford Motor Credit's investor center, www.fordcredit.com/investorcenter.