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) November 5, 1999
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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 November 5, 1999, MBNA America Bank, N.A. ("MBNA America"), a wholly
owned subsidiary of MBNA Corporation, completed the securitization of
$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 1999-L. The transaction had two classes of
publicly traded securities (Class A and Class B), and a separate, privately
placed, collateral interest.
Series 1999-L 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 collateral interest was
issued in the amount of $56.25 million and is subordinate to the Class A and
Class B asset backed certificates. The 7.0 year Class A certificates accrue
interest at 25.0 basis points over the one month London Interbank Offered Rate
("LIBOR"). The 7.0 year Class B certificates accrue interest at 53 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 1999-L.
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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: November 5, 1999 By: /s/ M. Scot Kaufman
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M. Scot Kaufman
Executive Vice President
and Chief Financial Officer
