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) September 25, 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.)
Item 5. Other Events
On September 25, 1996, MBNA America Bank, N.A. ("MBNA America"), a wholly
owned subsidiary of MBNA Corporation, completed the securitization of
approximately $784.0 million of five-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-I. The transaction had
one class of publicly traded securities (Class A), one class of privately
placed securities (Class B), and a privately placed collateral interest.
Series 1996-I consists of 1.0 billion Deutsche Mark ($666.4 million)
Class A (senior) floating rate asset backed certificates. The 5.0 year Class
A certificates accrue interest at 9 basis points over the three month London
Interbank Offered Rate for Deutsche Mark deposits (DM LIBOR). The privately
placed Class B (subordinate) floating rate asset backed certificates were
issued in the amount of $58.8 million. Both the Class A and Class B
certificates were priced at par. The privately placed collateral interest was
issued in the amount of $58.8 million and is subordinate to both 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-I.
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: September 25, 1996 By: /s/ M. Scot Kaufman
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M. Scot Kaufman
Executive Vice President
and Chief Financial Officer