UNITED STATES
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) November 26, 1996
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MBNA Corporation
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(Exact name of registrant as specified in its charter)
Maryland 1-10683 52-1713008
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
Wilmington, Delaware 19884
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (800) 362-6255
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(Former name or former address, if changed since last report.)
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Item 5. Other Events
On November 26, 1996, MBNA America Bank, N.A. ("MBNA America"), a wholly
owned subsidiary of MBNA Corporation, completed the securitization of
approximately $500.0 million of ten-year, floating rate credit card asset
backed securities. MBNA America transferred credit card receivables to MBNA
Master Credit Card Trust II which issued Series 1996-M. The transaction had
two classes of publicly traded securities (Class A and Class B) and a separate
class of privately placed collateral invested amounts.
Series 1996-M consists of $425.0 million Class A (senior) floating rate
asset backed certificates and $37.5 million Class B (subordinate) floating
rate asset backed certificates. The 10.0 year Class A certificates accrue
interest at 13 basis points over the three month London Interbank Offered Rate
(LIBOR) and were publicly offered at 99.96166% to yield 13.5 basis points over
the three month LIBOR. The 10.1 year Class B certificates accrue interest at
35 basis points over the three month LIBOR and were priced at par. The
privately placed class of floating rate asset backed certificates were issued
in the amount of $37.5 million and are subordinate to the Class A and Class B
asset backed certificates. MBNA America retained ownership of the credit card
accounts which generated the receivables and will act as servicing agent for
Series 1996-M.
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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 thereunto duly authorized.
MBNA CORPORATION
Date: November 26, 1996 By: /s/ M. Scot Kaufman
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M. Scot Kaufman
Executive Vice President
and Chief Financial Officer
