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) August 26, 1997
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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 August 26, 1997, MBNA America Bank, N.A. ("MBNA America"), a wholly
owned subsidiary of MBNA Corporation, completed the securitization of
approximately $750.0 million of seven-year credit card asset backed
securities. MBNA America transferred credit card receivables to MBNA Master
Credit Card Trust II which issued Series 1997-I. 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 1997-I consists of $637.50 million Class A (senior) fixed rate
asset backed certificates and $56.25 million Class B (subordinate) floating
rate asset backed certificates. The 7.0 year 6.55% Class A certificates were
priced at 99.7816% to yield 6.68% or 35 basis points above the seven-year
Treasury note. The 7.0 year Class B certificates accrue interest at 31 basis
points over the one month London Interbank Offered Rate (LIBOR) and were
priced at par. The privately placed class of floating rate asset backed
certificates were issued in the amount of $56.25 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 1997-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: August 26, 1997 By: /s/ M. Scot Kaufman
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M. Scot Kaufman
Executive Vice President
and Chief Financial Officer
