Synchrony Card Issuance Trust issues $750M Class A(2025-2) notes; net proceeds ~$747M for receivable purchases

Synchrony Card Funding, LLC

Issued $750M SynchronySeries Class A(2025-2) Notes on June 9, 2025.
Net proceeds after underwriting and expenses are ~$747.2M.
Proceeds used to purchase credit card receivables from Synchrony Bank and repay intercompany debt.
Trust portfolio had $9.62B in total receivables across 8.2M accounts as of May 31, 2025.
Delinquency rate low: 95.3% of receivables current; VantageScore 720+ on 48% of receivables.

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