Advanta Bank terminated its cash tender offer for up to $1.4 billion of Advanta Business Card Master Trust’s Class A senior notes, indicating that the offer failed to satisfy a regulatory condition. The variables that were expected to impact the credit performance of the trust have not changed with the withdrawal of the tender offer.

Advanta thinks that the trust’s three-month excess spread will fall to less than zero this month and thus the trust will probably enter early amortization.

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