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):
September 30, 1997
METRIS COMPANIES INC.
(Exact name of registrant as specified in its charter)
Delaware 001-12351 41-1849591
(State of (Commission File Number) (IRS Employer
Incorporation) 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 September 30, 1997, Direct Merchants Credit Card Bank,
National Association ("Direct Merchants Bank"), a subsidiary of
the Company, purchased a $317 million credit card portfolio
consisting of approximately 260,000 accounts from KeyBank USA,
National Association, of which approximately 197,000 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. The acquisition
will be reflected in the Company's Quarterly Report on Form 10-Q
for the quarter ended September 30, 1997.
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: October 15, 1997
