On January 20, 2004, Canadian Capital Auto Receivables Asset Trust (CCARAT), the public vehicle through which General Motors Acceptance Corporation of Canada, Ltd. (GMAC) securitizes its Canadian loans, completed its second Canadian offering of one-year, two-year and three-year asset-backed notes, totalling $650 million. In connection with the offering, CCARAT also entered into a loan agreement with an asset-backed commercial paper conduit for approximately $351 million, resulting in total proceeds to CCARAT of approximately $1 billion. The offering was led by Scotia Capital Inc. and RBC Dominion Securities Inc., and included BMO Nesbitt Burns Inc., CIBC World Markets Inc., TD Securities Inc. and National Bank Financial.

...The underwriters were represented by Davies Ward Phillips & Vineberg LLP, with a team that included Michael Clifford, Timothy Moran and Peter Westcott.