Synchrony Bank, formerly GE Capital Retail Bank, upsized an offering of three-year notes backed by credit card receivables to $885 million from $660 million originally, according to a regulatory filing.

Synchrony Credit Card Master Note Trust (SYNCT) 2015-2 will issue $750 million of notes with preliminary triple-A ratings from Standard & Poor’s and Fitch Ratings at 41 basis points over swaps; a $72.96 million tranche with AA+/AA ratings and a $62.5 million tranche with AA/A ratings is being retained by the sponsor.

All three classes of notes have a weighted average life of 2.93 years.

The expected payment date of all of the notes is April 2018.

JP Morgan Securities is the lead underwriter.

The notes are backed by a pool of private-label and co-branded revolving credit card receivables generated by accounts owned by Synchrony Bank. According to S&P, the composition of retailers in this trust is more concentrated than other multi-retailer private-label trusts, as the top four merchants account for approximately 87.7% of the receivables and 81.6% of the number of accounts in the pool.

Synchrony was last in the market in March when it priced $750 million of five-year notes. The senior class A notes, rated triple-A by Fitch Ratings and S&P, yield 2.386%, or swaps plus 58 basis points.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.