Spreads for The Metris Companies series 2004-1 credit card ABS tightened on last week's news that it had finalized terms on a $300 million three-year unsecured Libor floater via Goldman Sachs. This completes a funding plan that injects $500 million into the company's coffers and allows it access to a previously announced $800 million conduit facility.

Although published reports said the deal had priced, the company refused comment on the issue, which had yet to close as of press time, though officials anticipated a late week press release. Regardless, news of the most recent transaction had ABS investors feeling secure that the company's turnaround plan was indeed working.

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