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FIRST USA, INC. MAKES ANNOUNCEMENT

 DALLAS, Oct. 7 /PRNewswire/ -- First USA, Inc. (NYSE: FUS) announced that it has priced a $1.25 billion securitization of credit card receivables in connection with the First USA Credit Card Master Trust.
 The securitization consists of $500 million floating rate asset backed certificates, Series 1993-2, with a three-year average life and $750 million floating rate asset backed certificates, Series 1993-3, with a five-year average life. Interest will accrue on the certificates at 3.3375 percent and 3.4357 percent, respectively, through Nov. 14, 1993 and thereafter at the rate of 0.15 percent and 0.25 percent, respectively, over one-month LIBOR.
 The floating rate asset backed certificates are expected to be rated AAA by Standard & Poor's and Aaa by Moody's. Under the Trust structure, a cash collateral account of 13 percent will provide credit enhancement for the benefit of the certificateholders.
 First USA Bank, the principal operating subsidiary of First USA, Inc., services the receivables that are included in the securitization and will continue to service the accounts associated with such receivables following the securitization.
 The transaction, which is scheduled to close Oct. 14, 1993, is being underwritten by Merrill Lynch & Co., Bear, Stearns & Co. Inc., Goldman, Sachs & Co., and J.P. Morgan Securities Inc.
 First USA, Inc. is a financial services company specializing in the credit card business and is among the largest providers of Visa and MasterCard services in the nation. First USA, Inc.'s two principal operating units are First USA Bank and First USA Merchant Services, Inc. First USA Bank provides Visa and MasterCard services nationwide and had 4.5 million credit cards issued at June 30, 1993. First USA Merchant Services, Inc. processed more than $10 billion in credit card sales for the fiscal year ended June 30, 1993.
 -0- 10/7/93
 /CONTACT: George A. McCane of First USA, Inc., 214-746-8547/
 (FUS)


CO: First USA, Inc. ST: Texas IN: FIN SU: FNC

LD -- NY077 -- 9930 10/07/93 17:21 EDT
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Publication:PR Newswire
Date:Oct 7, 1993
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