General Electric Capital Corp. is planning to issue $757 million of notes backed by credit card receivables, according to a presale report published today by Fitch Ratings.
GE Capital Credit Card Master Note Trust 2013-1 is structured with a revolving period, during which investors will receive fixed-rate interest payments. At the conclusion of the revolving period on Nov. 22, 2017, there will be a controlled accumulation period lasting for three months.
The deal is comprised of a $600 million Class A that has provisionally been rated ‘AAA’ by Fitch; a $75.7 million Class B with an ‘A-‘ rating; a $51.1 million Class C with a BBB+ rating, and a $30.3 million unrated class of notes.
The class A and class B notes will be publicly offered; class C notes will not be publicly offered at issuance.
The deal is expected to close March 26.