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) March 18, 1998
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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 March 18, 1998, MBNA America Bank, N.A. ("MBNA America"), a wholly
owned subsidiary of MBNA Corporation, completed the securitization of $750.0
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 1998-A. The transaction had a class of publicly
traded securities (Class A), a class of privately placed securities (Class B),
and a separate, privately placed, collateral invested amount.
Series 1998-A consists of $637.5 million Class A (senior) floating rate
asset backed certificates. The Class B (subordinate), privately placed,
floating rate asset backed certificates were issued in the amount of $56.25
million. The privately placed, floating rate collateral invested amount was
issued in the amount of $56.25 million and is subordinate to the Class A and
Class B asset backed certificates. The 5.0 year Class A certificates accrue
interest at 11 basis points over the one month London Interbank Offered Rate
(LIBOR) and were priced at par. MBNA America retained ownership of the credit
card accounts which generated the receivables and will act as servicing agent
for Series 1998-A.
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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: March 18, 1998 By: /s/ M. Scot Kaufman
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M. Scot Kaufman
Executive Vice President
and Chief Financial Officer
