Discover Card Execution Note Trust on Aug. 14 issued and sold $1.30 billion principal amount of DiscoverSeries class A(2017-6) notes.
Discover Card Execution Note Trust on the same day entered into a class A(2017-6) terms document with U.S. Bank NA as indenture trustee.
The net proceeds from the offering, after deducting the underwriting commission and discount, were about $1.30 billion. The net proceeds, less the underwriting commissions, discounts and expenses, were paid to Discover Bank, a subsidiary of Discover Financial Services, in exchange for an increase in the investor interest in receivables represented by the collateral certificate. Discover Bank will add those proceeds to its general funds.
Barclays Capital Inc., MUFG Securities Americas Inc., Citigroup Global Markets Inc., Merrill Lynch Pierce Fenner & Smith Inc., RBC Capital Markets LLC, RBS Securities Inc. and SG Americas Securities LLC were the underwriters for the offering.
In addition, Discover Bank, through Discover Card Execution Note Trust as issuer, increased the principal amount of class D(2009-1) notes by about $120.8 million, bringing the total outstanding principal amount of the notes to about $1.92 billion. The notes were sold at par value for cash with no applicable underwriting discounts or commissions.