Filed Pursuant to Rule 433
RegistrationNo. 333- 209738
No. 333-209738-01
Free Writing Prospectus, dated October 5, 2018
First National Master Note Trust
Issuing Entity
First National Funding LLC | First National Bank of Omaha | |
Depositor | Sponsor and Servicer |
Series2018-1 Asset Backed Notes
The depositor has prepared a preliminary prospectus dated October 3, 2018 which describes the Series2018-1 Class A notes (the “offered notes”) to be issued by the issuing entity. You should review the prospectus in its entirety before deciding to purchase any of the offered notes.
Additional Information
The tables below contain the following information as of December 31 for each of the years or the other date shown: the total dollar amount of receivables outstanding in the trust portfolio; the dollar amount of receivables outstanding in the trust portfolio with respect to co-branded cards (captioned “Branded” below), with respect to receivables acquired by the bank from third-party financial institutions (captioned “Financial Institutions” below) and with respect to receivables originated by the bank or one of its affiliates (captioned “National” below); and the percentage of total receivables in the trust portfolio for each of Branded, Financial and National. We cannot assure you that future information of this nature will be similar to the historical information set forth in the tables and may vary materially.
Trust 1—Segment Mix |
| |||||||||||||||||||||||
$ Outstanding | 03/31/2009 | 2009 | 2010 | 2011 | 2012 | |||||||||||||||||||
Branded | 219,608,749 | 245,050,192 | 230,419,368 | 212,802,439 | 307,200,834 | |||||||||||||||||||
Financial Institutions | 452,624,942 | 515,800,271 | 868,058,976 | 804,265,486 | 902,506,282 | |||||||||||||||||||
National | 1,955,411,497 | 1,990,306,955 | 1,625,594,335 | 1,413,608,012 | 1,407,123,097 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
total | 2,627,645,188 | 2,751,157,418 | 2,724,072,679 | 2,430,675,937 | 2,616,830,213 | |||||||||||||||||||
% |
| |||||||||||||||||||||||
Branded | 8.4 | % | 8.9 | % | 8.5 | % | 8.8 | % | 11.7 | % | ||||||||||||||
Financial Institutions | 17.2 | % | 18.7 | % | 31.9 | % | 33.1 | % | 34.5 | % | ||||||||||||||
National | 74.4 | % | 72.3 | % | 59.7 | % | 58.2 | % | 53.8 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Trust 1—Segment Mix |
| |||||||||||||||||||||||
$ Outstanding | 2013 | 2014 | 2015 | 2016 | 2017 | 06/30/18 | ||||||||||||||||||
Branded | 287,417,704 | 478,784,739 | 467,478,963 | 712,687,366 | 701,752,629 | 943,967,430 | ||||||||||||||||||
Financial Institutions | 816,910,288 | 1,079,282,368 | 1,013,132,859 | 987,213,228 | 949,192,669 | 1,070,318,746 | ||||||||||||||||||
National | 1,236,715,389 | 1,399,846,208 | 1,296,426,077 | 1,211,044,376 | 1,150,058,288 | 1,240,532,959 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
total | 2,341,043,381 | 2,957,913,315 | 2,777,037,899 | 2,910,944,970 | 2,801,003,586 | 3,254,819,135 | ||||||||||||||||||
% |
| |||||||||||||||||||||||
Branded | 12.3 | % | 16.2 | % | 16.8 | % | 24.5 | % | 25.1 | % | 29.0 | % | ||||||||||||
Financial Institutions | 34.9 | % | 36.5 | % | 36.5 | % | 33.9 | % | 33.9 | % | 32.9 | % | ||||||||||||
National | 52.8 | % | 47.3 | % | 46.7 | % | 41.6 | % | 41.1 | % | 38.1 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
You should consider carefully the risk factors beginning on page 19 in the prospectus.
The depositor has filed a registration statement (including a prospectus) (FileNo. 333-209738) 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 the offered notes filed pursuant to Rule 424(h) on October 3, 2018, and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling1-866-375-6829.