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Master Credit Card Trust II Announces it has Applied to Cease to be a Reporting Issuer in Canada

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


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