SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 16, 1998
METRIS MASTER TRUST
METRIS RECEIVABLES, INC.
(Originator of the Metris Master Trust)
(Exact name of registrant as specified in its charter)
Delaware 033-99514 41-1810301
(State of Incorporation) (Commission File Number) (IRS Employer
Identification No.)
4400 Baker Road, Suite F470, Minnetonka, Minnesota 55343
(Address of principal executive offices)
(612) 936-5077
(Registrant's telephone number, including area code)
METRIS RECEIVABLES, INC.
Current Report on Form 8-K
Item 5. Other Events
On July 13, 1998, Direct Merchants Credit Card Bank, N.A. ("DMCCB"),
located in Utah, merged into Interim National Bank ("INB"), located in
Arizona, a wholly owned indirect subsidiary of Metris Companies Inc. INB
became the successor by merger and immediately changed its name to
DMCCB. Pursuant to the terms of Article 8 of the Amended and Restated
Pooling and Servicing Agreement, the successor assumed the obligations of
Servicer under such agreement.
Item 7. Financial Statements and Exhibits
Ex. 20a Series 1996-1 June Certificateholders' Statement
Ex. 20b Series 1997-1 June Certificateholders' Statement
Ex. 20c Series 1997-2 June Certificateholders' Statement
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
METRIS RECEIVABLES, INC.
By /s/ Paul T. Runice
Vice President and Assistant Treasurer
Dated: July 16, 1998
<TABLE>
Metris Receivables, Inc. Metris Master Trust Monthly Report
Certificateholder's Statement Series 1996-1 Jun-98
<S> <C> <S>
Section 5.2 Class A Class B Class C Class D Total
(i) Certificate Amount 518,000,000.00 87,500,000.00 50,000,000.00 44,500,000.00 700,000,000.00
(ii) Certificate Principal Distribut 0.00 0.00 0.00 0.00
(iii) Certificate Interest Distribute 2,784,250.00 495,833.33 245,243.06 3,525,326.39
(iv) Principal Collections 23,481,048.29 3,966,393.29 2,266,510.45 2,008,854.03 31,722,806.07
(v) Finance Charge Collections 10,562,665.84 1,784,234.09 1,019,562.34 903,311.41 14,269,773.68
Recoveries 131,559.39 22,222.87 12,698.78 11,301.92 177,782.96
Interest Earned on Accounts 0.00 0.00 0.00 0.00 0.00
Total Finance Charge Collect 10,694,225.23 1,806,456.96 1,032,261.12 914,613.33 14,447,556.64
Total Collections 34,175,273.52 5,772,850.26 3,298,771.58 2,923,467.36 46,170,362.72
(vi) Aggregate Amount of Principal Receivables 3,027,276,955.25
Invested Amount (End of Month) 518,000,000.00 87,500,000.00 50,000,000.00 44,500,000.00 700,000,000.00
Floating Allocation Percentage 17.1110872% 2.8903864% 1.6516493% 1.4699679% 23.1230908%
Invested Amount (Beginning of 518,000,000.00 87,500,000.00 50,000,000.00 44,500,000.00 700,000,000.00
Average Daily Invested Amount 699,819,287.40
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 85.59% 2,701,867,490.94
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) 6.70% 211,619,832.42
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) 2.43% 76,562,190.53
90 Days and Over (60+ Days Contractually Delinquent) 5.28% 166,840,563.06
Total Receivables 100.00% 3,156,890,076.95
(viii) Aggregate Investor Default Amount 7,149,581.09
As a % of Average Daily Invested Amount (Annualized based on 365 days/year) 12.43%
(ix) Charge-Offs 0.00 0.00 0.00 0.00 0.00
(x) Servicing Fee 1,150,684.93
(xi) Pool Factor 1.0000000 1.0000000 1.0000000
(xii) Unreimbursed Reallocated Principal Collections 0.00 0.00 0.00 0.00
(xiii) Excess Funding Account Balance 0.00
Prefunding Account Balance 0.00
(xiv) Class C Reserve Amount 17,500,000.00
Class C Reserve Account Balance 4,486,520.30
Class C Trigger Event Occurrence None
Average Net Portfolio Yield 12.6879%
Minimum Base Rate 8.4858%
</TABLE>
<TABLE>
Metris Receivables, Inc. Metris Master Trust Monthly Report
Certificateholder's Statement Series 1997-1 Jun-98
<S> <C> <S>
Section 5.2 Class A Class B Class C Class D Total
(i) Certificate Amount 616,250,000.00 106,250,000.00 72,250,000.00 55,250,000.00 850,000,000.00
(ii) Certificate Principal Distribut 0.00 0.00 0.00 0.00
(iii) Certificate Interest Distribute 3,528,031.25 629,531.25 365,615.10 4,523,177.60
(iv) Principal Collections 27,934,741.33 4,816,334.71 3,275,107.60 2,490,755.22 38,516,938.87
(v) Finance Charge Collections 12,566,105.83 2,166,569.97 1,473,267.58 1,119,838.61 17,325,782.00
Recoveries 156,512.50 26,984.91 18,349.74 14,032.16 215,879.31
Principal Account Earnings 0.00 0.00 0.00 0.00 0.00
Accum. Period Reserve Acct. Ea 0.00 0.00 0.00 0.00 0.00
Pre-Funding Account Earnings 0.00 0.00 0.00 0.00 0.00
Total Finance Charge Collect 12,722,618.33 2,193,554.88 1,491,617.32 1,133,870.77 17,541,661.30
Total Collections 40,657,359.67 7,009,889.60 4,766,724.93 3,624,625.98 56,058,600.18
(vi) Aggregate Amount of Principal Receivables 3,027,276,955.25
Invested Amount (End of Month) 616,250,000.00 106,250,000.00 72,250,000.00 55,250,000.00 850,000,000.00
Floating Allocation Percentage 20.3565782% 3.5097549% 2.3866333% 1.8250725% 28.0780389%
Fixed/Floating Allocation Perc N/A N/A N/A N/A N/A
Invested Amount (Beginning of 616,250,000.00 106,250,000.00 72,250,000.00 55,250,000.00 850,000,000.00
Average Daily Invested Amount 849,694,636.35
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 85.59% 2,701,867,490.94
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) 6.70% 211,619,832.42
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) 2.43% 76,562,190.53
90 Days and Over (60+ Days Contractually Delinquent) 5.28% 166,840,563.06
Total Receivables 100.00% 3,156,890,076.95
(viii) Aggregate Investor Default Amount 8,680,923.00
As a % of Average Daily Invested Amount (Annualized based on 365 days/year) 12.43%
(ix) Charge-Offs 0.00 0.00 0.00 0.00 0.00
(x) Servicing Fee 1,397,260.27
(xi) Pool Factor 1.0000000 1.0000000 1.0000000
(xii) Unreimbursed Reallocated Principal Collections 0.00 0.00 0.00 0.00
(xiii) Excess Funding Account Balance 0.00
Pre-Funding Account Balance 0.00
(xiv) Class C Reserve Amount 21,250,000.00
Class C Reserve Account Balance 5,447,917.58
Class C Trigger Event Occurrence None
(xv) Number of New Accounts Added to the Trust 98,508
(xvi) Average Net Portfolio Yield 12.6876%
(xvii) Minimum Base Rate 8.8690%
(xviii) Principal Funding Account Balance 0.00
(xix) Accumulation Shortfall N/A
(xx) Scheduled Commencement date of the Accumulation Period March 2001
Accumulation Period Length N/A
(xxi) Required Reserve Account Amount N/A
Available Reserve Account Amount N/A
Covered Amount N/A
</TABLE>
<TABLE>
Metris Receivables, Inc. Metris Master Trust Monthly Report
Certificateholder's Statement Series 1997-2 Jun-98
<S> <C> <S>
Section 5.2 Class A Class B Class C Class D Total
(i) Certificate Amount 455,000,000.00 101,500,000.00 98,000,000.00 45,500,000.00 700,000,000.00
(ii) Certificate Principal Distribut 0.00 0.00 0.00 0.00
(iii) Certificate Interest Distribute 2,072,461.81 480,475.63 511,165.28 3,064,102.71
(iv) Principal Collections 20,625,245.12 4,601,016.22 4,442,360.49 2,047,658.86 31,716,280.69
(v) Finance Charge Collections 9,278,017.29 2,069,711.55 1,998,342.19 920,494.53 14,266,565.55
Recoveries 115,558.92 25,778.53 24,889.61 11,555.89 177,782.96
Principal Account Earnings 0.00 0.00 0.00 0.00 0.00
Accum. Period Reserve Acct. Ea 0.00 0.00 0.00 0.00 0.00
Pre-Funding Account Earnings 0.00 0.00 0.00 0.00 0.00
Total Finance Charge Collect 9,393,576.21 2,095,490.08 2,023,231.80 932,050.42 14,444,348.51
Total Collections 30,018,821.34 6,696,506.30 6,465,592.29 2,979,709.28 46,160,629.20
(vi) Aggregate Amount of Principal Receivables 3,027,276,955.25
Invested Amount (End of Month) 455,000,000.00 101,500,000.00 98,000,000.00 45,500,000.00 700,000,000.00
Floating Allocation Percentage 15.0300090% 3.3528482% 3.2372327% 1.5030009% 23.1230908%
Fixed/Floating Allocation Perc N/A N/A N/A N/A N/A
Invested Amount (Beginning of 455,000,000.00 101,500,000.00 98,000,000.00 45,500,000.00 700,000,000.00
Average Daily Invested Amount 699,671,979.48
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 85.59% 2,701,867,490.94
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) 6.70% 211,619,832.42
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) 2.43% 76,562,190.53
90 Days and Over (60+ Days Contractually Delinquent) 5.28% 166,840,563.06
Total Receivables 100.00% 3,156,890,076.95
(viii) Aggregate Investor Default Amount 7,148,200.42
As a % of Average Daily Invested Amount (Annualized based on 365 days/year) 12.43%
(ix) Charge-Offs 0.00 0.00 0.00 0.00 0.00
(x) Servicing Fee 1,150,684.93
(xi) Pool Factor 1.0000000 1.0000000 1.0000000
(xii) Unreimbursed Reallocated Principal Collections 0.00 0.00 0.00 0.00
(xiii) Excess Funding Account Balance 0.00
Pre-Funding Account Balance 0.00
(xiv) Class C Reserve Amount 0.00
Class C Reserve Account Balance 0.00
Class C Trigger Event Occurrence None
(xv) Number of New Accounts Added to the Trust 98,508
(xvi) Average Net Portfolio Yield 12.6873%
(xvii) Minimum Base Rate 8.0192%
(xviii) Principal Funding Account Balance 0.00
(xix) Accumulation Shortfall N/A
(xx) Scheduled Commencement date of the Accumulation Period October 2001
Accumulation Period Length N/A
(xxi) Required Reserve Account Amount N/A
Available Reserve Account Amount N/A
Covered Amount N/A
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