The money needed to buy back all of the asset-backed commercial paper that Canaccord Capital Inc. clients bought last summer has now been officially secured, according to the Vancouver-based firm.

Canaccord said today that letters of credit issued by Canadian chartered banks for $138.3 million have been lodged with the Royal Bank of Canada.

This follows the recent announcement of the Canaccord Relief Program, which allows for most (97%) of the company’s clients holding frozen asset-backed commercial paper to get their money back.

These letters of credit secure the payment of the purchase price for the restructured ABCP notes, the firm said in a release. The relief program is contingent on the successful closing of the restructuring proposed by the Pan-Canadian Investor Committee, led by Toronto lawyer Purdy Crawford.

The noteholder vote on the restructuring proposal is scheduled for April 25, and should it pass, the implementation of the plan is expected to be complete by the end of May.

As well, Canaccord said that a definitive offer and related form of assignment for the program has been finalized and the company is in the process of delivering all documents to clients.

The program combines the resale of restructured ABCP notes to credible purchasers with a Canaccord-funded top-up to achieve par value for noteholders. Clients that hold an aggregate of $1 million or less of ABCP are eligible and will remain entitled to receive any unpaid interest payable pursuant to the restructuring plan. Also, under the program Canaccord will reimburse them for their share of any restructuring costs