<PAGE> 1
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) June 19, 1997
-------------
PNC Bank, National Association, as Depositor
--------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
United States 333-25433 22-1146430
------------- --------- ----------
(State or Other Jurisidiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
One PNC Plaza, 249 Fifth Avenue, Pittsburgh, PA 15222
----------------------------------------------- -----
(Address of Principal Executive Offices) (Zip code)
Registrant's Telephone Number, including area code (412) 762-1553
--------------
- --------------------------------------------------------------------
(Former name or former address, if changed since last report)
PNC Student Loan Trust I, as Issuer
-----------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware 333-25433-01 36-4142114
-------- ------------ ----------
(State or Other Jurisidiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
c/o The First National Bank of Chicago,
One First National Plaza, Suite 0216, Chicago, IL 60670
------------------------------------------------- -----
(Address of Principal Executive Offices) (Zip code)
Registrant's Telephone Number, including area code (312) 407-1892
--------------
- --------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. OTHER EVENTS
This Current Report on Form 8-K is being filed to file a copy of the
Computational Materials (as defined below) of Smith Barney Inc. and PNC
Capital Markets, Inc., as underwriters (the "Underwriters") in connection with
the issuance of Student Loan Asset Backed Notes, Series 1997-2, of PNC Student
Loan Trust I (the "Trust"), pursuant to Registration Statement on Form S-3, as
amended (No. 333-25433 (with respect to PNC Bank, National Association) and No.
333-25433-01 (with respect to the Trust)) and declared effective by the
Securities and Exchange Commission (the "Commission") on June 19, 1997. The
term "Computation Materials" shall have the meaning given in the no-action
letter of May 20, 1994, issued by the Commission to Kidder, Peabody Acceptance
Corporation I, Kidder, Peabody & Co. Incorporated and Kidder Structured Asset
Corporation, as made applicable to other issuers and underwriters by the
Commission in response to the request of the Public Securities Association
dated May 27, 1994, and as supplemented in the no-action letter of February 17,
1995, issued by the Commission to the Public Securities Association.
Item 7. EXHIBITS
The following exhibit is filed herewith:
Exhibit No. Description of Exhibit
- ----------- ----------------------
99.1 Computational Materials of the Underwriters
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PNC Bank, National Association
---------------------------------
(Registrant)
Date June 20, 1997 By: /s/ BRYAN W. RIDLEY
------------------ ----------------------------
Bryan W. Ridley
Senior Vice President
PNC Student Loan Trust I
---------------------------------
(Registrant)
By: PNC Bank, National Association not
in its individual capacity but solely as
Administrator
Date June 20, 1997 By: /s/ BRYAN W. RIDLEY
------------------ ----------------------------
Bryan W. Ridley
Senior Vice President
<PAGE> 4
EXHIBIT INDEX
Exhibit No. Description of Exhibit
- ----------- ----------------------
99.1 Computational Materials of the Underwriters
<PAGE> 1
Exhibit 99.1
================================================================================
PNC STUDENT LOAN TRUST I
STUDENT LOAN ASSET BACKED NOTES
SERIES 1997-2
DEBT PAYMENT SUMMARY
================================================================================
LIBOR Floating Rate Classes
<TABLE>
<CAPTION>
CLASS A-1 NOTES A-8 NOTES A-9 NOTES
- ---------- ---------------------------- ------------------------------ ------------------------------
PREPAYMENT
RATE AVERAGE LIFE PAYMENT WINDOW AVERAGE LIFE PAYMENT WINDOW AVERAGE LIFE PAYMENT WINDOW
- ---------- ------------ -------------- ------------ -------------- ------------ --------------
<S> <C> <C> <C> <C> <C> <C>
0% 0.54 7/25/98-6/25/98 6.75 7/25/98-7/25/06 9.89 7/25/06-7/25/07
5% 0.41 7/25/98-3/25/98 2.89 4/25/98-7/25/04 8.94 7/25/04-7/25/07
7% 0.37 7/25/98-2/25/98 1.90 4/25/98-7/25/02 8.17 7/25/02-7/25/07
9% 0.34 7/25/98-1/25/98 1.45 4/25/98-4/25/00 6.82 4/25/00-7/25/07
15% 0.27 7/25/98-12/25/97 0.98 1/25/98-1/25/99 2.56 1/25/99-10/25/02
</TABLE>
- ------------ ---------------------------------
Class B-1 Notes
- ------------ ---------------------------------
Prepayment
Rate Average Life Payment Window
- ------------ ---------------------------------
0% 10.08 7/25/07-7/25/07
5% 10.08 7/25/07-7/25/07
7% 10.08 7/25/07-7/25/07
9% 10.08 7/25/07-7/25/07
15% 9.74 7/25/06-7/25/07
<PAGE> 2
===============================================================================
PNC STUDENT LOAN TRUST I
STUDENT LOAN ASSET BACKED NOTES
SERIES 1997-2
PROJECTED OUTSTANDING BALANCES
===============================================================================
CLASS A-1
===============================================================================
<TABLE>
<CAPTION>
0 CPR 5 CPR 7 CPR 9 CPR 15 CPR
OUTSTANDING OUTSTANDING OUTSTANDING OUTSTANDING OUTSTANDING
DATE BALANCE BALANCE BALANCE BALANCE BALANCE
- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
6 25 1997 90,000,000 90,000,000 90,000,000 90,000,000 90,000,000
7 25 1997 83,550,000 80,500,000 79,250,000 78,000,000 74,050,000
8 25 1997 76,700,000 70,550,000 68,050,000 65,450,000 57,400,000
9 25 1997 69,700,000 60,400,000 56,550,000 52,700,000 40,600,000
10 25 1997 62,550,000 50,100,000 44,950,000 39,800,000 23,700,000
11 25 1997 55,350,000 39,700,000 33,300,000 26,800,000 6,850,000
12 25 1997 47,800,000 28,900,000 21,150,000 13,350,000 0
1 25 1998 37,250,000 14,900,000 5,850,000 0 0
2 25 1998 29,550,000 3,950,000 0 0 0
3 25 1998 21,800,000 0 0 0 0
4 25 1998 10,350,000 0 0 0 0
5 25 1998 2,500,000 0 0 0 0
6 25 1998 0 0 0 0 0
7 25 1998 0 0 0 0 0
</TABLE>
SMITH BARNEY INC. BELIEVES THAT THE INFORMATION CONTAINED IN THIS REPORT HAS
BEEN OBTAINED FROM RELIABLE SOURCES, BUT DOES NOT GUARANTEE ITS ACCURACY
<PAGE> 3
===============================================================================
PNC STUDENT LOAN TRUST I
STUDENT LOAN ASSET BACKED NOTES
SERIES 1997-2
PROJECTED OUTSTANDING BALANCES
===============================================================================
CLASS A-8
===============================================================================
<TABLE>
<CAPTION>
0 CPR 5 CPR 7 CPR 9 CPR 15 CPR
OUTSTANDING OUTSTANDING OUTSTANDING OUTSTANDING OUTSTANDING
DATE BALANCE BALANCE BALANCE BALANCE BALANCE
- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
6 25 1997 175,000,000 175,000,000 175,000,000 175,000,000 175,000,000
7 25 1997 175,000,000 175,000,000 175,000,000 175,000,000 175,000,000
10 25 1997 175,000,000 175,000,000 175,000,000 175,000,000 175,000,000
1 25 1998 175,000,000 175,000,000 175,000,000 171,647,832 143,615,023
4 25 1998 175,000,000 153,469,660 140,624,043 127,722,291 88,664,203
7 25 1998 158,096,281 117,168,033 100,786,919 84,467,484 35,480,205
10 25 1998 158,096,281 108,894,412 89,307,760 69,835,263 12,168,689
1 25 1999 158,096,281 100,710,695 78,133,338 55,951,110 0
4 25 1999 158,096,281 89,464,442 64,154,360 39,346,115 0
7 25 1999 156,714,625 82,243,846 54,390,962 27,217,291 0
10 25 1999 156,714,625 78,338,123 48,147,069 18,829,243 0
1 25 2000 156,714,625 72,076,669 39,841,838 8,688,835 0
4 25 2000 156,714,625 66,571,331 32,570,850 0 0
7 25 2000 156,714,625 61,795,242 26,517,396 0 0
10 25 2000 156,714,625 57,241,663 20,561,476 0 0
1 25 2001 156,714,625 53,413,470 15,785,263 0 0
4 25 2001 156,714,625 50,403,408 12,064,687 0 0
7 25 2001 156,714,625 48,083,015 9,273,062 0 0
10 25 2001 156,714,625 45,997,632 6,940,744 0 0
1 25 2002 156,714,625 44,123,653 5,031,089 0 0
4 25 2002 155,008,861 41,575,802 2,635,674 0 0
7 25 2002 151,665,501 38,210,435 0 0 0
10 25 2002 147,019,368 34,057,233 0 0 0
1 25 2003 141,683,695 29,684,961 0 0 0
4 25 2003 135,359,006 24,724,340 0 0 0
7 25 2003 127,928,982 19,066,860 0 0 0
10 25 2003 119,915,435 13,207,022 0 0 0
1 25 2004 111,134,573 6,993,195 0 0 0
4 25 2004 101,697,721 488,663 0 0 0
7 25 2004 91,584,698 0 0 0 0
10 25 2004 80,920,378 0 0 0 0
1 25 2005 69,787,343 0 0 0 0
4 25 2005 58,626,352 0 0 0 0
7 25 2005 46,885,954 0 0 0 0
10 25 2005 35,249,005 0 0 0 0
1 25 2006 23,643,680 0 0 0 0
4 25 2006 11,646,615 0 0 0 0
7 25 2006 0 0 0 0 0
10 25 2006 0 0 0 0 0
1 25 2007 0 0 0 0 0
4 25 2007 0 0 0 0 0
7 25 2007 0 0 0 0 0
</TABLE>
SMITH BARNEY INC. BELIEVES THAT THE INFORMATION CONTAINED IN THIS REPORT HAS
BEEN OBTAINED FROM RELIABLE SOURCES, BUT DOES NOT GUARANTEE ITS ACCURACY
<PAGE> 4
===============================================================================
PNC STUDENT LOAN TRUST I
STUDENT LOAN ASSET BACKED NOTES
SERIES 1997-2
PROJECTED OUTSTANDING BALANCES
===============================================================================
CLASS A-9
===============================================================================
<TABLE>
<CAPTION>
0 CPR 5 CPR 7 CPR 9 CPR 15 CPR
OUTSTANDING OUTSTANDING OUTSTANDING OUTSTANDING OUTSTANDING
DATE BALANCE BALANCE BALANCE BALANCE BALANCE
- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
6 25 1997 125,450,000 125,450,000 125,450,000 125,450,000 125,450,000
7 25 1997 125,450,000 125,450,000 125,450,000 125,450,000 125,450,000
10 25 1997 125,450,000 125,450,000 125,450,000 125,450,000 125,450,000
1 25 1998 125,450,000 125,450,000 125,450,000 125,450,000 125,450,000
4 25 1998 125,450,000 125,450,000 125,450,000 125,450,000 125,450,000
7 25 1998 125,450,000 125,450,000 125,450,000 125,450,000 125,450,000
10 25 1998 125,450,000 125,450,000 125,450,000 125,450,000 125,450,000
1 25 1999 125,450,000 125,450,000 125,450,000 125,450,000 115,797,515
4 25 1999 125,450,000 125,450,000 125,450,000 125,450,000 93,248,384
7 25 1999 125,450,000 125,450,000 125,450,000 125,450,000 75,064,357
10 25 1999 125,450,000 125,450,000 125,450,000 125,450,000 61,365,315
1 25 2000 125,450,000 125,450,000 125,450,000 125,450,000 46,907,694
4 25 2000 125,450,000 125,450,000 125,450,000 125,321,347 34,580,261
7 25 2000 125,450,000 125,450,000 125,450,000 117,816,119 24,665,343
10 25 2000 125,450,000 125,450,000 125,450,000 111,085,871 16,249,955
1 25 2001 125,450,000 125,450,000 125,450,000 105,589,418 9,797,709
4 25 2001 125,450,000 125,450,000 125,450,000 101,380,002 5,290,395
7 25 2001 125,450,000 125,450,000 125,450,000 98,332,301 2,575,726
10 25 2001 125,450,000 125,450,000 125,450,000 95,957,882 1,099,555
1 25 2002 125,450,000 125,450,000 125,450,000 94,204,469 749,852
4 25 2002 125,450,000 125,450,000 125,450,000 92,139,175 515,259
7 25 2002 125,450,000 125,450,000 125,062,412 89,618,539 234,640
10 25 2002 125,450,000 125,450,000 121,426,366 86,641,481 0
1 25 2003 125,450,000 125,450,000 117,726,346 83,736,140 0
4 25 2003 125,450,000 125,450,000 113,565,240 80,478,018 0
7 25 2003 125,450,000 125,450,000 108,833,341 76,754,461 0
10 25 2003 125,450,000 125,450,000 104,012,513 73,034,291 0
1 25 2004 125,450,000 125,450,000 98,958,130 69,177,459 0
4 25 2004 125,450,000 125,450,000 93,714,328 65,209,527 0
7 25 2004 125,450,000 119,113,305 88,244,533 61,086,795 0
10 25 2004 125,450,000 112,037,095 82,598,233 56,839,537 0
1 25 2005 125,450,000 104,749,815 76,798,986 52,476,065 0
4 25 2005 125,450,000 97,683,284 71,274,295 48,419,690 0
7 25 2005 125,450,000 90,283,530 65,467,557 44,110,913 0
10 25 2005 125,450,000 83,152,247 59,953,806 40,101,359 0
1 25 2006 125,450,000 76,221,625 54,665,254 36,322,947 0
4 25 2006 125,450,000 69,020,555 49,115,336 32,275,830 0
7 25 2006 125,201,231 62,024,584 43,773,496 28,424,233 0
10 25 2006 108,109,186 49,840,188 33,217,413 19,321,661 0
1 25 2007 92,141,525 38,639,571 23,576,589 11,062,637 0
4 25 2007 77,393,156 28,446,811 14,855,607 3,636,505 0
7 25 2007 0 0 0 0 0
</TABLE>
SMITH BARNEY INC. BELIEVES THAT THE INFORMATION CONTAINED IN THIS REPORT HAS
BEEN OBTAINED FROM RELIABLE SOURCES, BUT DOES NOT GUARANTEE ITS ACCURACY
<PAGE> 5
===============================================================================
PNC STUDENT LOAN TRUST I
STUDENT LOAN ASSET BACKED NOTES
SERIES 1997-2
PROJECTED OUTSTANDING BALANCES
===============================================================================
CLASS B-1
===============================================================================
<TABLE>
<CAPTION>
0 CPR 5 CPR 7 CPR 9 CPR 15 CPR
OUTSTANDING OUTSTANDING OUTSTANDING OUTSTANDING OUTSTANDING
DATE BALANCE BALANCE BALANCE BALANCE BALANCE
- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
6 25 1997 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
7 25 1997 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
10 25 1997 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
1 25 1998 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
4 25 1998 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
7 25 1998 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
10 25 1998 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
1 25 1999 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
4 25 1999 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
7 25 1999 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
10 25 1999 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
1 25 2000 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
4 25 2000 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
7 25 2000 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
10 25 2000 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
1 25 2001 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
4 25 2001 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
7 25 2001 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
10 25 2001 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
1 25 2002 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
4 25 2002 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
7 25 2002 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
10 25 2002 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
1 25 2003 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
4 25 2003 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
7 25 2003 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
10 25 2003 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
1 25 2004 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
4 25 2004 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
7 25 2004 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
10 25 2004 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
1 25 2005 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
4 25 2005 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
7 25 2005 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
10 25 2005 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
1 25 2006 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
4 25 2006 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000
7 25 2006 36,050,000 36,050,000 36,050,000 36,050,000 31,681,362
10 25 2006 36,050,000 36,050,000 36,050,000 36,050,000 26,011,575
1 25 2007 36,050,000 36,050,000 36,050,000 36,050,000 20,969,782
4 25 2007 36,050,000 36,050,000 36,050,000 36,050,000 16,518,498
7 25 2007 0 0 0 0 0
</TABLE>
SMITH BARNEY INC. BELIEVES THAT THE INFORMATION CONTAINED IN THIS REPORT HAS
BEEN OBTAINED FROM RELIABLE SOURCES, BUT DOES NOT GUARANTEE ITS ACCURACY
