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 13, 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 December 13, 2000, MBNA America Bank, N.A. ("MBNA America"), a
wholly owned subsidiary of MBNA Corporation, completed the securitization of
$500.0 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 2000-L. The transaction had two classes of publicly
traded securities (Class A and Class B), and a separate, privately placed,
collateral interest.
Series 2000-L consists of $425.0 million Class A (senior) fixed rate
asset backed certificates and $37.5 million Class B (subordinate) floating
rate asset backed certificates. The privately placed collateral interest
was issued in the amount of $37.5 million and is subordinate to the Class A
and Class B asset backed certificates. The seven-year 6.50% Class A
certificates were priced at 99.82728% to yield 6.62%. The seven-year Class
B floating rate asset backed certificates accrue interest at 50 basis points
over the one-month London Interbank Offered Rate, 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 2000-L.
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 13, 2000 By: /s/ M. Scot Kaufman
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M. Scot Kaufman
Senior Executive Vice President
and Chief Financial Officer
