Market Overview

Discover Financial Services Announces Early Results of Exchange Offers


Discover Financial Services (NYSE: DFS) announced today the early results of its private offers to exchange certain of its outstanding notes for new Senior Notes due 2022 (the “New Notes”) and cash (the “Exchange Offers”).

Based on information provided by D.F. King & Co., Inc., the exchange agent for the Exchange Offers, the aggregate principal amount of Old Notes validly tendered for exchange and not validly withdrawn as of 5:00 p.m., New York City time, on April 20, 2012 (the “Early Participation Date”), exceeded the amount required for the issuance of at least $250 million aggregate principal amount of New Notes in accordance with the terms of the Exchange Offers.

In accordance with the terms and conditions of the Exchange Offers, the Company will accept $307,527,000 aggregate principal amount of the 10.250% Senior Notes due 2019 (the “10.250% Notes”) that were tendered for exchange at or prior to the Early Participation Date. The Company expects to deliver New Notes and cash in exchange for such accepted 10.250% Notes on April 27, 2012. Since more than $250 million aggregate principal amount of New Notes will be issued in exchange for 10.250% Notes, none of the 6.450% Senior Notes due 2017 will be accepted in the Exchange Offers.

Posted-In: News Financing Offerings


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