WFN Credit Card Trust issues $500M Series 2024-A Class A notes; portfolio $5.42B

WFN CREDIT CO LLC

Issued $500M Class A, $44.5M Class M, and $25.7M Class B asset-backed notes on May 15, 2024.
Net proceeds of ~$497.4M after underwriting ($1.5M) and estimated expenses ($1M) used for general corporate purposes.
Trust portfolio total principal receivables of $5.42B as of April 30, 2024; largest program Signet (20.7%) and Victoria's Secret (14.9%).
Obligor credit scores: 58.7% of receivables have VantageScore 661+; 13.4% have 600 or less.
Underwriters for Class A notes included J.P. Morgan, RBC, Wells Fargo, BNP Paribas, BofA Securities, and Scotia Capital.

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