Discover priced an upsized $550 million of securities backed by credit card receivables, according to a filing with the Securities & Exchange Commission.
The deal, Discover Card Master Trust I Class A (2013-4), consistsof a single tranche of notes with a weighted average life of 4.98 years and an 'AAA' rating from Fitch Ratings. It priced at 45 basis points over one-month Libor.
The transaction was upsized from $500 million originally. It has a credit enhancement of 24.5%, and a legal final maturity of Jan. 15, 2021.
The deal will bring the total amount issued under this program to a whopping $18 billion, with $13 billion in class A notes, $1.31 billion in B notes, $1.62 billion in C notes, and $2.1 billion in D notes.
The latest transaction has a credit enhancement of 24.5%, and a legal final maturity of Jan. 15, 2021.
Barclays, Credit Suisse, Bank of America Merrill Lynch, Deutsche Bank Securities, JPMorgan, RBC Capital Markets, and Societe General will act as joint-lead underwriters, as reported by ASR on July 15.
The issuance vehicle Discover Trust boosted the available credit enhancement for deals it places by floating a single tranche of D notes on July 2, 2009, which was upsized on Jan. 13, 2010 and Dec. 16, 2011, according to Fitch.