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 JANUARY 26, 2010

DISCOVER® CARD EXECUTION NOTE TRUST

DiscoverSeries Notes, Class A(2010-1)

$750,000,000 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(2010-1)   

CUSIP

    254683AL9   

Principal Amount

    $750,000,000   

Interest Rate

    One-month LIBOR plus 0.65%   

Required Ratings

      

    (Moody’s / S&P / Fitch)

    Aaa / AAA / AAA   

Expected Maturity Date

    March 15, 2013   

Weighted Average Life

    3.11 years   

Legal Final Maturity Date

    September 15, 2015   

Pricing Date

    January 26, 2010   

Settlement Date

    February 4, 2010   

Underwriters

    Banc of America Securities LLC    $108,000,000
   Credit Suisse Securities (USA) LLC    $108,000,000
   Barclays Capital Inc.    $106,800,000
   Deutsche Bank Securities Inc.    $106,800,000
   J.P. Morgan Securities Inc.    $106,800,000
   RBC Capital Markets Corporation    $106,800,000
   Wells Fargo Securities, LLC    $106,800,000

Underwriting Discounts and Commissions

    0.250%   

Underwriting Concessions

    0.150%   

Underwriting Reallowance

    0.075%   

Price to Public

    100.00%   

Proceeds to Discover Card Execution Note Trust

    $748,125,000   

Estimate of Expenses

    $700,000   
Minimum Principal Receivables Balance 1, 2    $29,835,137,386.02   

Principal Receivables in Master Trust in Excess of

    Minimum Principal Receivables Balance 2

   $7,701,232,139.53   

Percentage of the Excess of Principal Receivables over

    Minimum Principal Receivables Balance to

    Total Amount of Principal Receivables in Master Trust 2

   20.52%   

 

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(2010-1) notes.

 

2

As of January 26, 2010, after giving effect to the issuance of the Class A(2010-1) notes.

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 preliminary prospectus for these Class A(2010-1) DiscoverSeries notes filed pursuant to Rule 424(b) on January 26, 2010, 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 if you request it by calling 800-294-1322.