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) June 28, 2000
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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 19884-0141
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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 June 28, 2000, MBNA Canada Bank ("MBNA Canada"), a wholly owned
foreign bank subsidiary of MBNA America Bank, N.A., located in Canada,
completed the securitization of CAD$400.0 million of five-year credit card
asset backed securities. MBNA Canada transferred credit card receivables to
Gloucester Credit Card Trust which issued Series 2000-1. The transaction had
two classes of publicly traded securities (Class A and Collateral).
Series 2000-1 consists of CAD$338.0 million Class A fixed rate asset
backed certificates. The fixed rate Collateral certificates were issued in the
amount of CAD$62.0 million and are subordinate to the Class A asset backed
certificates. The five-year 6.578% Class A certificates and the five-year
8.339% Collateral certificates were priced at par. Interest on the Class A
certificates and the Collateral certificates will be paid semi-annually.
MBNA Canada retained ownership of the credit card accounts which generated
the receivables and will act as servicing agent for Series 2000-1. The
securities are governed by Canadian law and both the Class A certificates and
the Collateral certificates are registered in the name of the Canadian
Depository for Securities Limited.
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: June 28, 2000 By: /s/ M. Scot Kaufman
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M. Scot Kaufman
Senior Executive Vice President
and Chief Financial Officer
