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) December 9, 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.)
Item 5. Other Events
On December 9, 1999, MBNA International Bank Limited ("MBNA Europe"), a
wholly owned foreign bank subsidiary of MBNA America Bank, N.A., located in
the United Kingdom, completed the securitization of 250.0 million pounds
sterling of credit card asset-backed securities issued via a special purpose
vehicle, Chester Asset Receivables Dealings No. 10 Limited (CARDS trademark).
MBNA America Bank, N.A. is a wholly owned subsidiary of MBNA Corporation.
The transaction had two classes of publicly traded securities (Class A
and Class B). The 240.0 million pounds sterling Class A (senior) floating rate
asset-backed securities were indexed at 20 basis points over the three month
Sterling London Interbank Offered Rate (LIBOR), and priced at 99.91% to yield
22 basis points over the three month Sterling LIBOR. The 10.0 million pounds
sterling Class B (subordinate) floating rate asset-backed securities were
indexed at 50 basis points over the three month Sterling LIBOR, and priced at
99.91% to yield 52 basis points over the three month Sterling LIBOR.
Interest on the securities will be paid quarterly and have an expected
maturity of 5.2 years.
The securities are governed by English law and are expected to be listed
on the London Stock Exchange.
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: December 9, 1999 By: /s/ M. Scot Kaufman
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M. Scot Kaufman
Executive Vice President
and Chief Financial Officer
