Synchrony Card Issuance Trust issues $1B Class A(2023-1) Notes; portfolio at $7.86B as of July 31, 2023

Synchrony Card Funding, LLC

Issued $1,000,000,000 principal amount of SynchronySeries Class A(2023-1) Notes on August 9, 2023.
Net proceeds to Funding of $996.6M used to purchase credit card receivables from Synchrony Bank and repay intercompany debt.
Trust portfolio as of July 31, 2023: $7.86B total receivables, 6.47M accounts; average balance $1,214, average credit limit $6,416.
Delinquency rates: 95.1% of receivables current, 0.5% 90+ days past due.
Largest program partners: Sam's Club Dual Card (27.8% of receivables), TJX Dual Card (20.1%), Lowe's Private Label (15.2%).

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Synchrony Card Funding, LLC entered into Class A(2023-1) Terms Document with The Bank of New York Mellon, as Indenture Trustee (effective 2023-08-09).

Action: entry
Agreement: notes offering
Counterparty: The Bank of New York Mellon, as Indenture Trustee
Effective: 2023-08-09

Exact text from the filing

On August 9, 2023, Synchrony Card Issuance Trust (the “ Trust ”) and The Bank of New York Mellon, as Indenture Trustee (the “ Indenture Trustee ”), entered into the Class A(2023-1) Terms Document (the “ Class A(2023-1) Terms Document ”).

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Source: SEC EDGAR

accession 0001104659-23-090476

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