Following a debut private placement last week, Advanta Corp. is looking to hit the public term market with a new product line, the small business credit card, pending the review of the S-3 filed with the Securities and Exchange Commission, said Michael Coco, director of securitization at Advanta.

If the SEC chooses not to review the filing, Advanta could come to market sometime this quarter with a deal in the $400 million range, Coco said. The deal will be a senior/subordinate, owner trust note structure, with A-, B-, and C-class tranches. A lead manager has yet to be determined.

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