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$840,000,000 TALF-eligible securitization closed for CarMax

April 20, 2009

McGuireWoods closed an $840,000,000 registered public offering of asset-backed notes for CarMax on April 14, 2009. The notes were structured as "eligible collateral" for loans under the Federal Reserve Bank of New York's Term Asset-Backed Securities Loan Facility.

The TALF program is intended to help make credit available to consumers and businesses on more favorable terms by facilitating the issuance of asset-backed securities and improving ABS market conditions. The CarMax transaction was among the first TALF-eligible transactions and the largest offered in connection with the April TALF subscription date.