Alliance Data Systems Corp. completed its $350 million credit card deal called World Financial Network Credit Card Master Note Trust.
The ABS were issued as part of the securitization program for Alliance Data's private label credit card banking subsidiary, World Financial Network Bank (WFNB).
The securities consist of two series of Class A ABS notes rated 'AAA' by both Standard & Poor's and Fitch Ratings.
The $250 million Series 2011-A, which has a maturity of three years and the $100 million series 2011-B, which has a maturity of five years, have a weighted average fixed-rate coupon of just under 2%.
Proceeds from the offering were used to refinance the maturing 2009-A series. The Royal Bank of Scotland and RBC Capital Markets were the joint book runners for this offering.
According to Charles Horn, chief financial officer for Alliance Data, the offering received the lowest all-in pricing of any of the company's term ABS series issued as part of the its securitization program for its credit card bank subsidiary, WFNB.