U.K.-based Internet credit card issuer Egg Banking brings the roadshow for its latest credit card deal to the U.S. this week, stepping up the effort to widen its investor base. The deal, called Pillar Funding 2004-2, will spread the equivalent of GBP500 million ($891.8 million) across several U.S. dollar- and sterling-denominated tranches, each with five-year average lives. The bulk of the deal will be in U.S. dollars, with the senior notes sized at $775 million.
Sources familiar with the offering said the Prudential unit plans to target primarily U.S. investors this time around. Although a previous deal in May included a large chunk in U.S. dollars, this is the first time all the senior notes are in U.S. dollars.