Synchrony Card Issuance Trust issues $750M Class A(2023-2) notes; portfolio data disclosed

Synchrony Card Funding, LLC

Issued $750M principal of Class A(2023-2) notes on Nov 15, 2023; net proceeds ~$747.19M after expenses.
Proceeds used to purchase credit card receivables from Synchrony Bank and repay intercompany debt.
Trust portfolio as of Oct 31, 2023: $7.74B total receivables, 6.3M accounts, avg balance $1,228.
Delinquency: 94.7% of receivables current; 30+ days delinquent accounts represent 2.9% of total.
VantageScore distribution: 47.9% of receivables from scores 720+, 5.8% from scores ≤599.

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(2023-2) Terms Document with The Bank of New York Mellon, as Indenture Trustee (effective 2023-11-15).

Action: entry
Agreement: notes offering
Counterparty: The Bank of New York Mellon, as Indenture Trustee
Effective: 2023-11-15

Exact text from the filing

On November 15, 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(2023-2) Terms Document (the “ Class A(2023-2) Terms Document ”).

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Source: SEC EDGAR

accession 0001104659-23-119920

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