Comenity Bank, formerly World Financial Network Bank, upsized its credit card securitization to $450 million from $416.6 million. The deal priced on Tuesday afternoon.
The deal, World Financial Network Credit Card Master Note Trust’s (WFNCCMNT), Series 2014-A, is backed by receivables generated from the issuer’s private-label credit card accounts, according to Fitch Ratings.
The AAA’ Fitch-rated class A notes with a weighted average life of 1.99-years, priced at 38 basis points over one-month Libor, in line with the Bank of America’s recent credit card securitization deal, according to an Interactive Data report. JP Morgan is lead underwriter on the deal.
Comenity Bank is a wholly owned subsidiary of Alliance Data Systems, Inc. (ADS). The issuer’s master trust, with this latest deal, will have 11 term series outstanding, with principal receivables totaling approximately $5.41 billion as of Dec. 31, 2013, according to the Fitch pre-sale.
