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, 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.)
Item 5. Other Events
On September 10, 1998, MBNA America Bank, N.A. ("MBNA America"), a wholly
owned subsidiary of MBNA Corporation, completed the securitization of
$750.0 million of eight-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-G. The transaction had two
classes of publicly traded securities (Class A and Class B), and a separate,
privately placed, collateral invested amount.
Series 1998-G consists of $637.5 million Class A (senior) floating rate
asset backed certificates and $56.25 million Class B (subordinate) floating
rate asset backed certificates. 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 8.0 year
Class A certificates accrue interest at 13 basis points over the one month
London Interbank Offered Rate ("LIBOR"). The 8.0 year Class B certificates
accrue interest at 40 basis points over the one month LIBOR. Both the Class A
and Class B certificates 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-G.
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, 1998 By: /s/ M. Scot Kaufman
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M. Scot Kaufman
Executive Vice President
and Chief Financial Officer
