Eagle Credit Card Trust to sell tranches of notes due 2013 and 2015

By Cristal Cody

Prospect News, Dec. 7 - Eagle Credit Card Trust intends to sell two tranches of credit card receivables-backed notes, sources said Tuesday.

DBRS assigned AAA ratings to the offering, which includes series 2010-1 notes due Dec. 17, 2013 and series 2010-2 notes due Dec. 17, 2015.

CIBC World Markets Inc. and RBC Dominion Securities Inc. are the managers.

Proceeds will be used to finance the purchase of undivided co-ownership interests in the receivables of credit card accounts designated by President's Choice Bank.

Toronto-based Eagle Credit Card Trust manages the credit card receivables from PC Bank, a subsidiary of Loblaw Cos.

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