Advanta Prices Securitization Backed by Business Purpose Credit Card Receivables.SPRING HOUSE, Pa. -- Advanta Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ADVNB; ADVNA ADVNA Advanta Corporation (stock symbol) ) announced today that its wholly-owned subsidiary, Advanta Business Receivables Corp., has priced a $400 million business credit card securitization backed by receivables in revolving business purpose credit card accounts originated by Advanta Bank Corp. The transaction is expected to close on or about November 8, 2007. Advanta Business Card Master Trust AdvantaSeries Class A(2007-A5) notes are issued under the AdvantaSeries structure that de-links the issuance of senior and subordinated notes. These 2.87-year variable-rate senior notes represent the twenty-fourth publicly offered tranche of notes issued in the AdvantaSeries and carry a coupon rate Coupon rate In bonds, notes, or other fixed income securities, the stated percentage rate of interest, usually paid twice a year. of 50 basis points over one-month LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). . After the issuance of these notes, there will be $4.965 billion of investor-held notes outstanding in the AdvantaSeries. Deutsche Bank Securities and RBS RBS Royal Bank of Scotland RBS Role Based Security RBS Rollback Segment RBS Rare Book School (University of Virginia) RBS Rural Business Cooperative Service RBS Ribosome Binding Site (genetics) Greenwich Capital are co-lead managers on this transaction with Merrill Lynch & Co. acting as co-manager. It is anticipated that these notes will receive ratings of AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. from Standard & Poor's and Aaa from Moody's. Advanta will retain the servicing and customer relationships of the revolving business purpose credit card accounts. About Advanta Advanta is one of the nation's largest credit card issuers (through Advanta Bank Corp.) in the small business market today. Advanta's exclusive focus on this market, as well as its size, experience and commitment to developing meaningful product offerings and a high level of service tailored to the needs of small businesses, differentiate the company from other issuers. Founded in 1951, Advanta has long been an innovator in developing and introducing many of the marketing techniques that are common in the financial services industry today. Learn more about Advanta at www.advanta.com. Any statements released by Advanta that are forward-looking are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that any forward-looking statements involve risks and uncertainties, which may affect the Company's business and prospects. At present, significant risks and uncertainties involve factors that could impact the timing of or likelihood of the closing of the securitization including: obtaining the ratings by the named rating agencies; receivables volume; attrition rates; the effects of governmental regulation; and adverse market conditions. Additional risks that may affect future performance are detailed in the Company's filings with the Securities and Exchange Commission. |
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