First National Master Note Trust issues $500M Class A asset-backed notes in securitization

First National Master Note Trust

Issued $500M Class A Notes publicly on May 28, 2026, plus $67.3M Class B and $73.7M Class C Notes privately to FNBO.
Net proceeds of ~$497.5M used to purchase credit card receivables from First National Bank of Omaha.
Underwriters: J.P. Morgan, Wells Fargo, BMO Capital Markets; underwriting discounts totaled $1.75M.
Series 2026-1 Indenture Supplement and Risk Retention Agreement entered into on same date.

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

First National Master Note Trust entered into Series 2026-1 Indenture Supplement with U.S. Bank Trust Company, National Association, as indenture trustee (effective 2026-05-28).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association, as indenture trustee
Effective: 2026-05-28

Exact text from the filing

On May 28, 2026, First National Master Note Trust (the “Issuer”) and U.S. Bank Trust Company, National Association, as indenture trustee (the “Indenture Trustee”), entered into the Series 2026-1 Indenture Supplement (the “Series 2026-1 Indenture Supplement”), a copy of which is filed with this Form 8-K as Exhibit 4.1.

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Source: SEC EDGAR

accession 0001104659-26-067598

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