Printer Friendly

MBNA AMERICA BANK, N.A. SECURITIZES $750 MILLION OF CREDIT CARD RECEIVABLES USING FLOATING RATE STRUCTURE

 NEWARK, Del., Feb. 18 /PRNewswire/ -- MBNA Corporation (NYSE: KRB) announced today that MBNA America Bank, N.A., its wholly owned subsidiary, priced the issuance of $750 million of floating rate, five- year AAA/Aaa rated securities.
 The MBNA Master Credit Card Trust Series 1993-1 ("MBNA 1993-1") is backed by credit card receivables originated and serviced by MBNA. The securities which will float at 30 basis points over the one month London Interbank Offered Rate (LIBOR) and carry a 12 percent coupon cap, were priced at par with the initial period coupon set off a LIBOR rate of 3.125 percent to yield 3.425 percent and to be paid to investors on April 15, 1993. This is the 17th transaction by MBNA America Bank, N.A. and the first public securitization in 1993. The transaction was lead managed by Merrill Lynch & Co. and co-managed by The First Boston Corporation.
 This is the fifth issuance by MBNA using the Master Trust structure and the second with a floating interest rate. The Master Trust permits the addition of new accounts which provides MBNA with greater flexibility for future issuances under the Master Trust. The Trust is credit enhanced by a 12 percent Cash Collateral Account.
 The Cash Collateral Account structure pioneered by MBNA has become the predominant credit enhancement structure in the market. This structure eliminates event risk associated with the downgrading of a letter of credit bank.
 MBNA Corporation, a bank holding company, is the parent of MBNA America Bank, N.A., a national bank with $9.9 billion in managed loans. MBNA, the country's third largest lender through bank credit cards, also provides retail deposit, individual loan, card acceptance, and financial transaction processing services.
 /delval/
 -0- 2/18/93


/CONTACT: David W. Spartin, executive vice president-investor relations of MBNA, 800-362-6255, or 302-456-8588/

CO: MBNA Corporation; MBNA America Bank, N.A. ST: Delaware IN: FIN SU:

CC -- PH033 -- 7947 02/18/93 13:44 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 18, 1993
Words:324
Previous Article:GOV. CASEY APPOINTS CORRECTIONS PANEL MEMBERS
Next Article:CAMPBELL CEO SAYS CHANGING WORLD REQUIRES FLEXIBLE LEADERSHIP
Topics:


Related Articles
MBNA AMERICA BANK, N.A. SECURITIZES $500 MILLION OF CREDIT CARD RECEIVABLES
MBNA AMERICA BANK, N.A. SECURITIZES $500 MILLION OF CREDIT CARD RECEIVABLES
MBNA AMERICA BANK, N.A. SECURITIZES $500 MILLION OF CREDIT CARD RECEIVABLES USING FLOATING RATE STRUCTURE
MBNA $500 MILLION CREDIT CARD TRUST SERIES 1992-3 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
MBNA AMERICA BANK, N.A. SECURITIZES $750 MILLION OF CREDIT CARD RECEIVABLES
MBNA AMERICA BANK, N.A. SECURITIZES $750 MILLION OF CREDIT CARD RECEIVABLES USING FLOATING RATE STRUCTURE
MBNA $750 MILLION CREDIT CARD TRUST, SERIES 1994-1 RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
MBNA AMERICA BANK, N.A. SECURITIZES $328 MILLION OF CREDIT CARD RECEIVABLES
MBNA AMERICA BANK, N.A. SECURITIZES $500 MILLION OF CREDIT CARD RECEIVABLES
MBNA AMERICA BANK, N.A. SECURITIZES $1.0 BILLION OF CREDIT CARD RECEIVABLES

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters