SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported)April 7, 2004
WFN Credit Company, LLC
World Financial Network Credit Card Master Trust
(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
333-60418, 333-60418-01 (Commission File Number) | 31-1772814 (I.R.S. Employer Identification No.) | |
220 West Schrock Road, Westerville, Ohio | 43801 | |
| (Address of Principal Executive Offices) | (Zip Code) | |
(614) 729-5044 (Registrant's Telephone Number, Including Area Code) | ||
No Change (Former Name or Former Address, if Changed Since Last Report) | ||
Item 2. Acquisition or Disposition of Assets.
On April 7, 2004, WFN Credit Company, LLC (the "Transferor") conveyed to World Financial Network Credit Card Master Trust (the "Trust") all of the receivables in certain additional credit card accounts (the "Additional Accounts") pursuant to Assignment No. 5 of Receivables in Supplemental Accounts and Designation No. 5 of Approved Portfolios dated as of April 7, 2004 by and among the Transferor, World Financial Network National Bank, as servicer, and BNY Midwest Trust Company, as trustee of the Trust. The principal amount of the receivables in the Additional Accounts as of April 7, 2004 was $472,345,054.52.
Set forth below is information regarding the characteristics of the receivables that have been transferred to the Trust as of March 31, 2004 on a pro forma basis, as if the accounts designated on April 7, 2004 had been designated to the trust on March 31, 2004.
Distribution of Trust Portfolio
by Fixed/Floating APR
(Dollars in Million; Accounts in Thousands)
| | Number of Accounts | Percent Number of Accounts | Principal Receivables Outstanding | Percent Receivable Outstanding | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Total Fixed | 75,817.0 | 94.4 | % | $ | 2,585.4 | 93.6 | % | |||
Total Variable | 4,511.3 | 5.6 | % | $ | 176.7 | 6.4 | % | |||
Composition by Retailer Type
Trust Portfolio
| Retailer Type | Percentage of Principal Receivables Outstanding | ||
|---|---|---|---|
| Softgoods | 76.8 | % | |
| Furniture | 13.7 | % | |
| Jewelry | 2.7 | % | |
| Building Materials | 0.1 | % | |
| Other | 6.7 | % |
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Composition by Account Balance
Trust Portfolio
| Account Balance Range | Number of Accounts | Percent Number of Accounts | Principal Receivables Outstanding | Percent Principal Receivable Outstanding | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Credit Balance | 268,816 | 0.33 | % | $ | (10,970,576 | ) | -0.40 | % | ||
| No Balance | 70,599,499 | 87.89 | % | — | 0.00 | % | ||||
| $0.01 - $50.00 | 1,706,948 | 2.12 | % | 47,104,680 | 1.70 | % | ||||
| $50.01 - $100.00 | 1,641,767 | 2.04 | % | 121,731,698 | 4.41 | % | ||||
| $100.01 - $150.00 | 1,165,193 | 1.45 | % | 144,614,499 | 5.23 | % | ||||
| $150.01 - $250.00 | 1,540,048 | 1.92 | % | 302,443,254 | 10.95 | % | ||||
| $250.01 - $350.00 | 963,962 | 1.20 | % | 285,913,923 | 10.35 | % | ||||
| $350.01 - $500.00 | 889,750 | 1.11 | % | 372,793,893 | 13.50 | % | ||||
| $500.01 - $1,000.00 | 1,114,936 | 1.39 | % | 771,378,266 | 27.93 | % | ||||
| $1,000.01 - $1,500.00 | 262,870 | 0.33 | % | 315,327,450 | 11.42 | % | ||||
| $1,500.01 or more | 174,473 | 0.22 | % | 411,749,360 | 14.91 | % | ||||
| Total | 80,328,262 | 100.00 | % | $ | 2,762,086,447 | 100.00 | % | |||
Composition by Credit Limit
Trust Portfolio
| Credit Limit Range | Number of Accounts | Percent Number of Accounts | Principal Receivables Outstanding | Principal Receivable Outstanding | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| $0 | 6,735,505 | 8.38 | % | $ | 280,141,019 | 10.13 | % | |||
| $0.01 - $100.00 | 2,432,646 | 3.03 | % | 12,023,259 | 0.44 | % | ||||
| $100.01 - $250.00 | 5,713,743 | 7.11 | % | 84,563,278 | 3.06 | % | ||||
| $250.01 - $350.00 | 4,891,752 | 6.09 | % | 81,779,628 | 2.96 | % | ||||
| $350.01 - $500.00 | 14,233,294 | 17.72 | % | 174,357,269 | 6.31 | % | ||||
| $500.01 - $750.00 | 12,754,274 | 15.88 | % | 299,135,733 | 10.83 | % | ||||
| $750.01 - $1,000.00 | 21,868,562 | 27.22 | % | 417,287,432 | 15.11 | % | ||||
| $1,000.01 - $1,250.00 | 3,762,328 | 4.68 | % | 323,030,747 | 11.70 | % | ||||
| $1,250.01 - $1,500.00 | 2,665,268 | 3.32 | % | 257,585,675 | 9.33 | % | ||||
| $1,500.01 - $2,000.00 | 2,392,489 | 2.98 | % | 303,306,232 | 10.98 | % | ||||
| $2,000.00 - $2,500.00 | 1,104,753 | 1.38 | % | 161,472,427 | 5.85 | % | ||||
| $2,500.01 or more | 1,773,648 | 2.21 | % | 367,403,748 | 13.30 | % | ||||
| Total | 80,328,262 | 100.00 | % | $ | 2,762,086,447 | 100.00 | % | |||
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Composition by Account Age
Trust Portfolio
| Age | Number of Accounts | Percent Number of Accounts | Principal Receivables Outstanding | Percent Principal Receivable Outstanding | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Not More than 12 Months | 7,524,795 | 9.37 | % | $ | 633,619,023 | 22.94 | % | |||
| Over 12 Months to 24 Months | 7,824,671 | 9.74 | % | 404,936,010 | 14.66 | % | ||||
| Over 24 Months to 36 Months | 6,689,896 | 8.33 | % | 326,831,000 | 11.83 | % | ||||
| Over 36 Months to 48 Months | 5,956,340 | 7.41 | % | 260,098,381 | 9.42 | % | ||||
| Over 48 Months to 60 Months | 5,652,285 | 7.04 | % | 220,958,512 | 8.00 | % | ||||
| Over 60 Months | 46,680,275 | 58.11 | % | 915,643,521 | 33.15 | % | ||||
| Total | 80,328,262 | 100.00 | % | $ | 2,762,086,447 | 100.00 | % | |||
Geographical Distribution of Accounts
Trust Portfolio
| State | Percent Number of Accounts | Percent Principal Receivable Outstanding | |||
|---|---|---|---|---|---|
| California | 9.45 | % | 7.58 | % | |
| New York | 8.73 | % | 7.95 | % | |
| Texas | 7.16 | % | 11.36 | % | |
| Florida | 5.61 | % | 5.99 | % | |
| Pennsylvania | 5.21 | % | 5.14 | % | |
| Ohio | 5.08 | % | 5.44 | % | |
| Illinois | 5.05 | % | 6.98 | % |
Cardholders whose accounts are designated to the trust portfolio had billing addresses in all 50 states and the District of Columbia except for 0.63% of the aggregate total receivable balance for which cardholders had billing addresses located outside of the United States or the District of Columbia. Except for the seven states listed above, no state accounted for more than 5% of the number of accounts or 5% of the total receivables balances as of March 31, 2004.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
WFN CREDIT COMPANY, LLC (Co-Registrant) | ||
Dated: April 21, 2004 | By: | /s/ DANIEL T. GROOMES Name: Daniel T. Groomes Title: President |
WORLD FINANCIAL NETWORK CREDIT CARD MASTER TRUST (Co-Registrant) | ||
By: | WORLD FINANCIAL NETWORK NATIONAL BANK, as Servicer and Administrator | |
Dated: April 21, 2004 | By: | /s/ DANIEL T. GROOMES Name: Daniel T. Groomes Title: President |
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