Alliance Data Closes $467 Million Of Term Asset-Backed Securities

Alliance Data Systems Corporation (NYSE: ADS), a leading provider of loyalty and marketing solutions derived from transaction-rich data, today announced that World Financial Network Credit Card Master Note Trust has issued $467 million of public, fixed-rate, term asset-backed securities.  The asset-backed securities were issued as part of the securitization program for Alliance Data's private label credit card banking subsidiary, Comenity Bank (formerly known as World Financial Network Bank).

The securities consist of five classes of notes with an average life of just under 7 years and a weighted average fixed-rate of 2.25 percent. Approximately $390 million of the issuance was sold to investors. A subsidiary of Comenity Bank retained approximately $77 million of the subordinated bonds. The Class A Notes, which comprise $350 million of the $467 million, were rated AAA (sf) by S&P, Fitch and DBRS. The Class M, Class B and Class C subordinated bonds all achieved investment grade ratings from S&P, Fitch and DBRS.

J.P. Morgan, BofA Merrill Lynch and Credit Suisse were joint book runners for this offering.

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