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Discover Financial trust issues $825M notes


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Discover Financial trust issues $825M notes

Discover Card Execution Note Trust issued and sold $825 million principal amount of DiscoverSeries class A(2017-7) notes.

Further, the trust, as issuer, and U.S. Bank NA, as indenture trustee, entered into a class A(2017-7) terms document.

The net proceeds from the offering, after deducting underwriting commission and discount, were roughly $822.7 million. The proceeds, after deducting the underwriting commissions, discounts and expenses, were paid to Discover Bank, a subsidiary of Discover Financial Services. Discover Bank will add these proceeds to its general funds.

RBC Capital Markets LLC, SG Americas Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Merrill Lynch Pierce Fenner & Smith Inc., RBS Securities Inc. and Wells Fargo Securities LLC were the underwriters for the offering.

Moreover, Discover Bank, through Discover Card Execution Note Trust as issuer, increased the principal amount of class D(2009-1) notes by about $76.6 million, taking the total outstanding principal amount to about $1.91 billion. The notes were sold at par value for cash, with no applicable underwriting discounts or commissions.