Synchrony Card Issuance Trust issues $750M Class A(2025-3) notes; portfolio $10.26B

Synchrony Card Funding, LLC

$750M principal of SynchronySeries Class A(2025-3) Notes issued on Nov 17, 2025; net proceeds ~$747.3M.
Net proceeds used to purchase credit card receivables from Synchrony Bank and repay intercompany debt.
Trust portfolio as of Oct 31, 2025: $10.26B total receivables, 8.92M accounts, average balance $1,150.
47.7% of portfolio receivables have VantageScore 720+; 27.5% 660-719; 6.6% 599 or below.
Largest program partners: Sam's Club (27.8% of receivables), TJX (21.7%), Amazon (14.1%), Lowe's (12.0%).

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(2025-3) Terms Document with The Bank of New York Mellon, as Indenture Trustee (effective 2025-11-17).

Action: entry
Agreement: notes offering
Counterparty: The Bank of New York Mellon, as Indenture Trustee
Effective: 2025-11-17

Exact text from the filing

On November 17, 2025, Synchrony Card Issuance Trust (the “ Trust ”) and The Bank of New York Mellon, as Indenture Trustee (the “ Indenture Trustee ”), entered into the Class A(2025-3) Terms Document (the “ Class A(2025-3) Terms Document ”).

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Source: SEC EDGAR

accession 0001104659-25-115005

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