Chase Bank is planning its sixth offering of the year of credit card backed notes under the Chase Issuance Trust, according to a regulatory filing.
The $500 million class A notes to be issued in the 2014-6 deal are backed by receivables that arise in certain credit card accounts owned by Chase. Proceeds from the sale of the notes being offered will be used to make deposits to class C reserve subaccounts for outstanding class C notes. Chase will use remaining net proceeds for general corporate purposes.
The notes will reach their final legal maturity in July 2019.
The underwriters for the deal are Barclays, JP Morgan, and Mitsuishi UFJ Securities.
Chase’s last issuance in the Chase Issuance Trust was in May of this year with the 2014-5 transaction. Also a single-tranche deal, the series 2014-5 class A notes totaled $825 million and priced at a spread of 37 basis points over one-month Libor.
Including the 2014-5 series of notes, the Chase Issuance Trust has 41 outstanding classes and tranches of notes, dating back to issuances from 2006.