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 12, 2000
-------------------------
MBNA Corporation
--------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Maryland 1-10683 52-1713008
--------------------------------------------------------------------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
Wilmington, Delaware 19884
--------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (800) 362-6255
-----------------------
--------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
Item 5. Other Events
On December 12, 2000, MBNA International Bank Limited, a wholly owned
foreign bank subsidiary of MBNA America Bank, N.A., located in the United
Kingdom, completed the securitization of 300.0 million pounds sterling of credit
card asset backed securities issued via a special purpose vehicle, Chester
Asset Receivables Dealings No. 12 PLC (CARDS trademark). MBNA America Bank,
N.A. is a wholly owned subsidiary of MBNA Corporation.
The transaction had three publicly traded securities, 264.0 million pounds
sterling Class A (senior) fixed rate asset backed securities, 12.0 million
pounds sterling Class B (subordinate) floating rate asset backed securities and
24.0 million pounds sterling Class C (subordinate) floating rate asset backed
securities. The Class A 6.0% asset backed securities were priced at 99.091% to
yield 6.121%. The Class B floating rate asset backed securities were indexed at
75 basis points over the three month Sterling London Interbank Offered Rate
("LIBOR"), and were priced at par. The Class C floating rate asset backed
securities were indexed at 145 basis points over the three month Sterling
LIBOR, and were priced at par. The securities have an expected maturity of 10
years. Interest on the Class A securities will be paid annually. Interest on
the Class B securities and Class C securities will be paid quarterly.
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 12, 2000 By: /s/ M. Scot Kaufman
-------------------------------
M. Scot Kaufman
Senior Executive Vice President
and Chief Financial Officer
