|
|
|
|
|
|
|
|
|
|
Previous: DISCOVER CARD MASTER TRUST I, 8-K, 2000-06-13 |
Next: DISCOVER CARD MASTER TRUST I, 8-K, EX-99.2, 2000-06-13 |
<PAGE> 1
SUBJECT TO REVISION
SERIES TERM SHEET DATED JUNE 8, 2000
DISCOVER(R) CARD MASTER TRUST I, SERIES 2000-6
$700,000,000 FLOATING RATE CLASS A CERTIFICATES
$36,843,000 FLOATING RATE CLASS B CERTIFICATES
GREENWOOD TRUST COMPANY
MASTER SERVICER, SERVICER AND SELLER
THE CERTIFICATES REPRESENT INTERESTS IN THE DISCOVER CARD MASTER TRUST
I. THE CERTIFICATES ARE NOT OBLIGATIONS OF GREENWOOD TRUST COMPANY OR ANY OF ITS
AFFILIATES, AND NEITHER THE CERTIFICATES NOR THE UNDERLYING CREDIT CARD
RECEIVABLES ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY.
THIS SERIES TERM SHEET CONTAINS STRUCTURAL INFORMATION ABOUT THE
CERTIFICATES; HOWEVER, THIS SERIES TERM SHEET DOES NOT CONTAIN COMPLETE
INFORMATION ABOUT THE CERTIFICATES. THE INFORMATION IN THIS SERIES TERM SHEET IS
PRELIMINARY AND WILL BE SUPERSEDED BY THE INFORMATION CONTAINED IN THE
PROSPECTUS SUPPLEMENT AND THE PROSPECTUS. YOU SHOULD READ BOTH THE PROSPECTUS
SUPPLEMENT AND THE PROSPECTUS. THE TRUST AND THE DISCOVER CARD PORTFOLIO MAY NOT
PERFORM IN THE FUTURE AS THEY HAVE PERFORMED IN THE PAST. PRICE AND AVAILABILITY
OF THE CERTIFICATES MAY CHANGE WITHOUT NOTICE.
WE HAVE PREPARED THIS SERIES TERM SHEET SOLELY FOR INFORMATIONAL
PURPOSES. THIS SERIES TERM SHEET IS NOT AN OFFER TO BUY OR SELL ANY SECURITY,
NOR IS IT A REQUEST TO PARTICIPATE IN ANY PARTICULAR TRADING STRATEGY. GREENWOOD
MAY NOT OFFER OR SELL THE CERTIFICATES IN ANY STATE WHERE THE OFFER OR SALE IS
PROHIBITED. GREENWOOD WILL NOT SELL YOU ANY OF THE CERTIFICATES UNLESS YOU HAVE
RECEIVED BOTH THE PROSPECTUS SUPPLEMENT AND THE PROSPECTUS. THE UNDERWRITERS MAY
HOLD OR TRADE SECURITIES OF THE TRUST OR GREENWOOD AND MAY ALSO PERFORM
INVESTMENT BANKING SERVICES FOR THE TRUST AND GREENWOOD.
MORGAN STANLEY DEAN WITTER
THIS SERIES TERM SHEET MAY NOT BE DISTRIBUTED TO PRIVATE CUSTOMERS AS
DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE> 2
This series term sheet will be superseded in its entirety by the
information appearing in the prospectus supplement, the prospectus and the
Series 2000-6 Supplement to the Pooling and Servicing Agreement.
TITLE OF SECURITIES ............................. Discover Card Master Trust I,
Series 2000-6 Floating Rate
Class A Credit Card
Pass-Through Certificates and
Discover Card Master Trust I,
Series 2000-6 Floating Rate
Class B Credit Card
Pass-Through Certificates.
INTEREST RATE.................................... Class A Certificates: LIBOR
plus 0.13% per year.
Class B Certificates: LIBOR
plus _______% per year.
The Trustee will calculate
interest on the Certificates
on the basis of the actual
number of days elapsed and a
360-day year.
"LIBOR" will mean the London
interbank offered rate for
three-month United States
dollar deposits, determined
two business days before the
start of each interest accrual
period. If an Amortization
Event occurs for Series
2000-6, LIBOR will mean the
London interbank offered rate
for one-month United States
dollar deposits, determined
two business days before the
start of each interest accrual
period.
INTEREST PAYMENT DATES........................... The 15th day of each January,
April, July and October (or
the next business day),
beginning in July 2000, or the
15th day of each month if an
Amortization Event occurs for
Series 2000-6.
EXPECTED MATURITY DATES.......................... Class A Certificates: July 15,
2005 (or the next business
day). If an Amortization Event
occurs, the Trust will pay
principal monthly and the
final principal payment may be
made before or after July 15,
2005.
Class B Certificates: July 15,
2005 (or the next business
day). If an Amortization Event
occurs, the Trust will pay
principal monthly and the
final payment of principal may
be made either before or after
July 15, 2005. The Trust must
generally pay all Class A
principal before it pays any
Class B principal.
An "Amortization Event" is an
event that will cause the
Trust to begin repaying
principal on a monthly basis.
SERIES TERMINATION DATE.......................... The first business day
following January 15, 2008
(or, if January 15, 2008 is
not a business day, the second
business day following January
15, 2008). The Series
Termination Date is the last
day on which the Trust will
pay principal on the
Certificates.
SUBORDINATION OF CLASS B CERTIFICATES
2
<PAGE> 3
(CLASS A CREDIT ENHANCEMENT).................... The Class B Certificates are
subordinated to the Class A
Certificates, up to a
specified dollar amount, known
as the "Available Subordinated
Amount."
AVAILABLE SUBORDINATED AMOUNT.................... Initially $92,105,375 which
may be reduced, reinstated or
increased from time to time.
The Available Subordinated
Amount will increase by:
- $3,684,215 after a
Supplemental Credit
Enhancement Event, if
Greenwood has not made an
Effective Alternative
Credit Support Election;
- $33,157,935, after an
Effective Alternative
Credit Support Election, if
a Supplemental Credit
Enhancement Event has
occurred; or
- $36,842,150 after an
Effective Alternative
Credit Support Election, if
a Supplemental Credit
Enhancement Event has not
occurred.
A "Supplemental Credit
Enhancement Event" will occur
the first time Standard &
Poor's Ratings Services
withdraws the long-term debt
or deposit rating of Greenwood
(or an additional seller, if
any) or reduces this rating
below BBB -.
"Effective Alternative Credit
Support Election" will mean an
effective election made by
Greenwood to change the way in
which the Trust allocates
finance charge collections to
this Series. To make this
election, Greenwood must
deposit additional funds into
the cash collateral account
discussed below.
CASH COLLATERAL ACCOUNT
(CLASS B CREDIT ENHANCEMENT)..................... Greenwood will arrange to have
a cash collateral account
established and funded with
$55,263,225 for the direct
benefit of the Class B
investors (the "Credit
Enhancement Account") on the
date the Certificates are
issued. The Trustee may
withdraw funds from this
account to reimburse the Class
B investors for amounts that
would otherwise reduce their
interest in the Trust or
affect their interest
payments.
The amount on deposit in this
account may decrease or
increase on future
Distribution Dates. A
"Distribution Date" is the
15th calendar day of each
month (or the next business
day), beginning in July 2000.
The maximum amount of Credit
Enhancement as of any
Distribution Date will be:
Before a Supplemental Credit
Enhancement Event or an
Effective Alternative Credit
Support Election
3
<PAGE> 4
- 7.5% of the Series Investor
Interest as of the end of
the preceding month (but
not less than $7,368,430);
or
After a Supplemental Credit
Enhancement Event but before
an Effective Alternative
Credit Support Election
- 8.0% of the Series Investor
Interest as of the end of
the preceding month (but
not less than $7,368,430);
or
After an Effective Alternative
Credit Support Election
- 12.5% of the Series
Investor Interest as of the
end of the preceding month
(but not less than
$7,368,430).
However, if an Amortization
Event has occurred, the
maximum amount of Credit
Enhancement will be the
amount on deposit in the
Credit Enhancement Account
on the Distribution Date
immediately before the
Amortization Event
occurred.
"Series Investor Interest"
will mean $736,843,000 minus
- the amount of principal
collections on deposit for
the benefit of investors in
this Series (after giving
effect to losses of
principal on investments of
these funds),
- the aggregate amount of
principal previously paid
to investors in this
Series, and
- the aggregate amount of
investor losses resulting
from accounts in which the
receivables have been
charged-off as
uncollectible (after giving
effect to all provisions in
the Series Supplement to
reimburse these charged-off
amounts).
RATING OF THE INVESTOR CERTIFICATES.............. The Trust will only issue the
Certificates if Standard &
Poor's has rated the Class A
Certificates "AAA" and the
Class B Certificates at least
"A" and Moody's Investors
Service, Inc. has rated the
Class A Certificates "Aaa" and
has rated the Class B
Certificates at least "A2."
ERISA CONSIDERATIONS............................. Greenwood believes that
employee benefit plans subject
to ERISA may acquire Class A
Certificates; however,
advisers to these plans should
consult their own counsel.
Employee benefit plans subject
to ERISA may not acquire the
Class B Certificates.
LISTING.......................................... Greenwood expects to list the
Certificates on the Luxembourg
Stock Exchange to facilitate
trading in non-U.S. markets.
4
|
|