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 10, 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.)
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Item 5. Other Events
On September 10, 1997, MBNA America Bank, N.A. ("MBNA America"), a wholly
owned subsidiary of MBNA Corporation, completed the securitization of $750.0
million of seven-year, floating rate credit card asset backed securities.
MBNA America transferred credit card receivables to MBNA Master Credit Card
Trust II which issued Series 1997-J. 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-J consists of $637.50 million Class A (senior) floating rate
asset backed certificates and $56.25 million Class B (subordinate) floating
rate asset backed certificates. The 7.0 year Class A certificates accrue
interest at 12 basis points over the one month London Interbank Offered Rate
(LIBOR). The 7.0 year Class B certificates accrue interest at 30 basis points
over the one month LIBOR. Both the Class A and Class B certificates 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-J.
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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: September 10, 1997 By: /s/ John W. Scheflen
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John W. Scheflen
Executive Vice President
and Secretary and General Counsel
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