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):
October 23, 1997
METRIS COMPANIES INC.
(Exact name of registrant as specified in its charter)
Delaware 001-12351 41-1849591
(State of Incorporation) (Commission File Number) (IRS Employer
Identification No.)
600 South Highway 169, Suite 1800, St. Louis Park, Minnesota 55426
(Address of principal executive offices)
(612) 525-5020
(Registrant's telephone number, including area code)
METRIS COMPANIES INC.
Current Report on Form 8-K
Item 5. Other Events
On October 23, 1997, Direct Merchants Credit Card Bank,
National Association ("Direct Merchants Bank"), a subsidiary of
the Company, purchased a $405 million credit card portfolio
consisting of approximately 460,000 accounts from Mercantile Bank
National Association, of which approximately 240,000 accounts are
active accounts. The Company financed the acquired portfolio
through a third party commercial paper conduit and through
borrowings under its Revolving Credit Facility.
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 COMPANIES INC.
By /s/Robert W. Oberrender
Senior Vice President,
Chief Financial Officer
Dated: November 7, 1997
