FWP 1 dfwp.htm FREE WRITING PROSPECTUS Free Writing Prospectus
     

Issuer Free Writing Prospectus

Filed Pursuant to Rule 433

Registration Nos. 333-141703

333-141703-01 and 333-141703-02

PRICING TERM SHEET DATED MARCH 3, 2008

DISCOVER ® CARD EXECUTION NOTE TRUST

DiscoverSeries Notes, Class A(2008-2)

$1,000,000,000 Principal Amount of Notes

 

 

 

Issuing Entity of Notes:

    Discover Card Execution Note Trust   

Issuing Entity of Collateral Certificate:

    Discover Card Master Trust I   

Class:

    Class A(2008-2)   

Principal Amount

    $1,000,000,000   

Interest Rate

    One-month LIBOR plus 1.00%   

Required Ratings

    (Moody’s / S&P / Fitch)

    Aaa / AAA / AAA   

Expected Maturity Date

    March 15, 2010   

Weighted Average Life

    2.01 years   

Legal Final Maturity Date

    September 17, 2012   

Pricing Date

    March 3, 2008   

Settlement Date

    March 11, 2008   

Underwriters

   

Merrill Lynch, Pierce, Fenner
& Smith Incorporated

    $143,000,000
   Morgan Stanley & Co. Incorporated    $143,000,000
   Citigroup Global Markets Inc.    $142,800,000
   Deutsche Bank Securities Inc.    $142,800,000
   Greenwich Capital Markets, Inc.    $142,800,000
   J.P. Morgan Securities Inc.    $142,800,000
   RBC Capital Markets Corporation    $142,800,000

Underwriting Discounts and Commissions

    0.150%   

Underwriting Concessions

    0.090%   

Underwriting Reallowance

    0.045%   

Price to Public

    100%   

Proceeds to Discover Card Execution Note Trust

    $998,500,000   

Estimate of Expenses

    $730,000   

Minimum Principal Receivables Balance1 , 2

    $30,807,005,376.34   

Principal Receivables in Master Trust in Excess of Minimum Principal Receivables Balance2

    $6,637,120,602.50   

Percentage of the Excess of Principal Receivables over Minimum Principal Receivables Balance to Total Amount of Principal Receivables in Master Trust2

    17.73%   

 

1

An amount equal to the series minimum principal receivables balances for each master trust series, including each subseries, and each tranche of notes then outstanding, after giving effect to the issuance of the Class A(2008-2) notes.

2

Minimum Principal Receivables as of March 3, 2008, after giving effect to the issuance of the Class A(2008-2) notes, and amounts and percentages in excess of Principal Receivables as of January 31, 2008.

Discover Bank, Discover Card Master Trust I and Discover Card Execution Note Trust have filed a registration statement, as amended (including a prospectus) (Registration Nos. 333-141703, 333-141703-01 and 333-141703-02) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, including the prospectus supplement and accompanying prospectus for the Class A(2008-1) DiscoverSeries notes filed pursuant to Rule 424(b) on January 11, 2008, as superseded or supplemented by the tranche term sheet for these Class A(2008-2) Notes previously distributed to prospective investors and to be filed pursuant to Rule 433 on March 3, 2008, and other documents Discover Bank, Discover Card Master Trust I and Discover Card Execution Note Trust filed with the SEC for complete information about Discover Bank, Discover Card Master Trust I, Discover Card Execution Note Trust, and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, Discover Bank, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the term sheet if you request it by calling toll-free 1-866-500-5408.