TORONTO, Oct. 8, 2019 /CNW/ - Master Credit Card Trust II
(the "Trust") announced today that it has applied to the Ontario
Securities Commission (the "OSC"), as principal regulator, for a
decision that it has ceased to be a reporting issuer in all
jurisdictions of Canada.
As of today's date, the Trust has seven series of asset-backed
securities (the "Notes") outstanding, being: (a) U.S.$1,000,000,000 Credit Card Receivables-Backed
Floating Rate Class A Notes, Series 2016-3, CAD$27,524,000 2.364% Credit Card
Receivables-Backed Class B Notes, Series 2016-3, and CAD$48,167,000 3.056% Credit Card
Receivables-Backed Class C Notes, Series 2016-3, each with an
expected final payment date of January 21,
2022; (b) U.S.$750,000,000
2.260% Credit Card Receivables-Backed Class A Notes, Series 2017-1,
U.S.$15,873,000 2.560% Credit Card
Receivables-Backed Class B Notes, Series 2017-1, and
U.S.$27,778,000 3.060% Credit Card
Receivables-Backed Class C Notes, Series 2017-1, each with an
expected final payment date of January 21,
2020; (c) U.S.$600,000,000 Credit Card Receivables-Backed
Floating Rate Class A Notes, Series 2018-1, U.S.$12,698,000 3.245%
Credit Card Receivables-Backed Class B Notes, Series 2018-1, and
U.S.$22,222,000 3.737% Credit Card Receivables-Backed Class C
Notes, Series 2018-1, each with an expected final payment date of
January 23, 2023; (d) U.S.$475,000,000 Credit Card
Receivables-Backed Floating Rate Class A Notes, Series 2018-3,
U.S.$10,053,000 3.400% Credit Card Receivables-Backed Class B
Notes, Series 2018-3, and U.S.$17,593,000 3.800% Credit Card
Receivables-Backed Class C Notes, Series 2018-3, each with an
expected final payment date of July 21, 2020; (e) CAD$1,323,000,000
2.946% Credit Card Receivables-Backed Class A Notes, Series 2018-4,
CAD$35,000,000 3.242% Credit Card Receivables-Backed Class B Notes,
Series 2018-4, and CAD$61,250,000 3.636% Credit Card
Receivables-Backed Class C Notes, Series 2018-4, each with an
expected final payment date of December 21, 2020; (f)
U.S.$450,000,000 Credit Card Receivables-Backed Floating Rate Class
A Notes, Series 2019-1, U.S.$9,524,000 3.57% Credit Card
Receivables-Backed Class B Notes, Series 2019-1, and
U.S.$16,667,000 4.02% Credit Card Receivables-Backed Class C Notes,
Series 2019-1, each with an expected final payment date of January
21, 2021; (g) U.S.$500,000,000 Credit Card Receivables-Backed
Floating Rate Class A Notes, Series 2019-2, U.S.$10,582,000 2.39%
Credit Card Receivables-Backed Class B Notes, Series 2019-2, and
U.S.$18,519,000 2.83% Credit Card Receivables-Backed Class C Notes,
Series 2019-2, each with an expected final payment date of July 21,
2021.
In addition, the Trust has outstanding a note (the "Seller
Note") held by the Bank of Montreal. The Seller Note represents a
secured, limited recourse, debt obligation of the Trust.
The Notes were offered on a private placement basis to eligible
investors in the United States and
Canada. The Seller Note and the
2.946% Credit Card Receivables-Backed Class A Notes, Series 2018-4
are held by Bank of Montreal, the
sponsor of the Trust.
If the requested decision is granted by the OSC, and the
conditions in Multilateral Instrument 11-102 – Passport System are
satisfied, the Trust will cease to be a reporting issuer in
Ontario and will be deemed to
cease to be a reporting issuer in all other jurisdictions of
Canada in which it is a reporting
issuer (British Columbia,
Alberta, Saskatchewan, Manitoba, Québec, New Brunswick, Nova
Scotia, Prince Edward
Island, Newfoundland and
Labrador, Yukon, the Northwest
Territories and Nunavut)
and, as a result, will no longer be required to file financial
statements and other continuous disclosure documents with any
Canadian securities regulatory authority.
SOURCE BMO Financial Group