Advanta Prices Securitizations Backed by Business Purpose Credit Card Receivables.
Advanta Business Card Master Trust AdvantaSeries Class A (2007-A1) notes, Class B (2007-B1) notes and Class D (2007-D1) notes are issued under the AdvantaSeries structure that de-links the issuance of senior and subordinated notes. The Class A notes and the Class B notes represent the eighteenth and nineteenth publicly offered tranches of notes issued in the AdvantaSeries. This master trust has been issuing AdvantaSeries notes since November 2004. The Class A (2007-A1) tranche is comprised of $200 million of 5 year senior notes which carry a coupon of 5 basis points over one-month LIBOR while the Class B (2007-B1) tranche is comprised of $100 million of 5 year notes which carry a coupon of 25 basis points over one-month LIBOR. Issued under Rule 144A of the Securities Act of 1933, the Class D (2007-D1) tranche is comprised of $25 million of 3 year notes which carry a coupon of 140 basis points over one-month LIBOR. After the issuance of these notes, there will be $3.840 billion of notes outstanding in the AdvantaSeries.
Deutsche Bank Securities is the lead manager on all tranches with Credit Suisse, Merrill Lynch & Co., and RBS Greenwich Capital acting as the co-managers for the Class A tranche and Credit Suisse acting as co-manager on the Class B tranche. It is anticipated that the Class A, Class B and Class D notes will receive ratings of AAA, A, and BB, respectively, from Standard & Poor's and Aaa, A2 and Ba2, respectively, from Moody's. Advanta will retain the servicing and customer relationships of the revolving business purpose credit card accounts.
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 provisions of the Private Securities Litigation Reform Act 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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|Date:||Feb 14, 2007|
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