DEARBORN, Mich. — Ford Credit Canada Limited announced that Ford Floorplan Auto Securitization Trust, a newly established securitization trust sponsored by Ford Credit Canada, has completed its initial public offering of asset-backed notes in Canada.

The offering generated proceeds of approximately C$1.1 billion ($964 million), which the Trust used primarily to purchase a revolving pool of dealer floor plan finance receivables from Ford Credit Canada and its wholly-owned subsidiary, PRIMUS Automotive Financial Services Canada Co.

According to executives, the receivables are to assist Canadian dealers in purchasing new and used inventory. The pool of receivables purchased by the Trust had an outstanding balance of approximately C$1.4 billion ($1.2 billion) and secures both the publicly issued notes and approximately C$300 million ($263 million) of additional indebtedness issued to Ford Credit Canada and PRIMUS representing unpaid purchase price and residual purchase price in respect of the receivables.

The transaction represents the first public securitization sponsored by Ford Credit Canada or its subsidiaries, and is the first securitization sponsored by Ford Credit Canada or its subsidiaries that involves dealer floorplan finance receivables, officials highlighted. The transaction also represents a new, cost-effective channel for funding dealer floorplan finance receivables, officials added.

The Trust will be consolidated with Ford Credit Canada for accounting purposes. As a result of such consolidation, both the pool of receivables owned by the Trust and the indebtedness incurred by the Trust, with respect to the asset-backed notes, will be reflected on the consolidated financial statements of Ford Credit Canada.

Ford Credit Canada also announced the recent closing of a securitization of a pool of retail conditional sale contracts in Canada. The transaction involved the sale by Ford Credit Canada and PRIMUS of the pool of retail conditional sale contracts to a bank-sponsored multiseller commercial paper conduit. It generated proceeds of approximately C$575 million ($504 million).