Discover Bank (the “Bank”) announced today the early results of its private offer to exchange certain of its outstanding notes (collectively, the “Bank Notes”) for new senior notes of its parent company Discover Financial Services (“DFS”) due November 21, 2022 (the “DFS Notes”) and cash (the “Exchange Offer”).
Based on information provided by D.F. King & Co., Inc., the exchange agent for the Exchange Offer, the aggregate principal amount of Bank Notes validly tendered for exchange and not validly withdrawn as of 5:00 p.m., New York City time, on November 1, 2012 (the “Early Participation Date”), exceeded the amount required for the issuance of at least $250 million aggregate principal amount of DFS Notes in accordance with the terms of the Exchange Offer.
The following table indicates, among other things, the principal amount of Bank Notes validly tendered as of the Early Participation Date:
|Principal Amount Tendered|
|CUSIP||Title of||Principal Amount||Exchange||as of Early Participation|
|Notes Due 2019|
The Exchange Offer will expire at 11:59 p.m., New York City time, on November 16, 2012, unless extended or earlier terminated by the Bank. In accordance with the terms of the Exchange Offer, tendered Bank Notes may no longer be withdrawn, except in certain limited circumstances where additional withdrawal rights are required by law.
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