After months of planning and discussions with rating agencies, The Metris Companies is finally set to bring its first senior/subordinated transaction of the year - and its first such structure in three years. The offering comes on the heels of Fitch Ratings upgrading the corporate unsecured rating of Metris, as well as $2 billion of ABS issued by the Metris Master Trust and positive third quarter earnings.

Sources close to the situation report that the marketing effort for Metris 2004-2 gets underway early this week, with a road show in New York, in the hopes that an official deal announcement is made mid-to-late-week. Pricing is tentatively slated for late this week. Banc of America Securities, Barclays Capital and Deutsche Bank Securities are jointly leading the transaction, with Goldman Sachs as co-manager.

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