MBNA Corp. announced a $370 million fixed-rate deal backed by equipment loans to dental practices through its subsidiary MBNA Practice Solutions, Inc., formerly Sky Financial Solutions, Inc. Sky Financial had been a regular issuer of such deals before it was acquired by MBNA last April, and this is the first securitization from the entity since.

The deal is led by Banc of America Securities, Merrill Lynch and Morgan Stanley, with Sky Financial's former underwriter Red Capital Markets involved in a "selling group capacity," said Thomas Wren, MBNA's group executive and treasurer. Wren said the deal had been slated for after mid-year, and that the flattening yield curve made it particularly attractive to bring the deal now.

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