Barclays Bank Delaware is prepping $633-million credit card securitization, according to a filing with the Securities and Exchange Commission.
The deal consists of $500 million of Class A notes and $133 million of Class B notes, which provide enhancement for the senior notes. The A series are floating rate, and the B are fixed rate. The expected life for the senior notes is three years.
The arrangers include Barclays itself as well as Citigroup, J.P. Morgan, and Wells Fargo Securities.
There are 2,454,134 credit card accounts assigned to the vehicle. The vehicle is Barclays Drydock Issuance Trust. The transaction is slated to close March 4.
