U.K. credit card issuer NewDay plans two offer two series of notes backed by its receiveables through a new trust, NewDay Partnership Funding, according to Standard & Poor's.

The originator provides store cards and general-use branded credit cards to U.K. retailers including Arcadia, Debenhams, House of Fraser, Laura Ashley, Asda, Comet and DFS. NewDay acquired the entire co-branded portfolio from Santander U.K. in 2013.

NewDay Partnership Receivables Trust Series 2014-1 and Series 2014-2 will offer notes rated from ‘AAA’ to ‘BB’ by S&P.  Both series will offer six class of notes. The notes are as yet unsized but will be issued in U.K. sterling denomination, according to the presale report.

The series 2014-1 loan notes are scheduled to revolve for three years, while the series 2014-2 loan notes are scheduled to revolve for five years.

Royal Bank of Scotland is arranging the transaction.

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