Issuer Free Writing Prospectus Filed Pursuant to Rule 433 Registration Nos. 333-167413, 333-167413-01 and 333-167413-02 |
PRICING TERM SHEET DATED APRIL 9, 2012
DISCOVER® CARD EXECUTION NOTE TRUST
DiscoverSeries Notes, Class A(2012-2)
$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(2012-2) | |||||
CUSIP | 254683AU9 | |||||
Principal Amount | $1,000,000,000 | |||||
Interest Rate | One-month LIBOR plus 0.15% | |||||
Expected Maturity Date | April 15, 2014 | |||||
Weighted Average Life | 2.00 years | |||||
Legal Final Maturity Date | October 17, 2016 | |||||
Pricing Date | April 9, 2012 | |||||
Settlement Date | April 16, 2012 | |||||
Underwriters | Citigroup Global Markets Inc. | $ | 143,000,000 | |||
| RBS Securities Inc. | $ | 143,000,000 | ||||
| Barclays Capital Inc. | $ | 142,800,000 | ||||
| Deutsche Bank Securities Inc. | $ | 142,800,000 | ||||
| Goldman, Sachs & Co. | $ | 142,800,000 | ||||
| J.P. Morgan Securities LLC | $ | 142,800,000 | ||||
| SG Americas Securities, LLC | $ | 142,800,000 | ||||
Underwriting Discounts and Commissions | 0.20000% | |||||
Underwriting Concessions | 0.12000% | |||||
Underwriting Reallowance | 0.06000% | |||||
Price to Public | 100.00% | |||||
Proceeds to Discover Card Execution Note Trust | $998,000,000 | |||||
Estimate of Expenses | $850,000 | |||||
Minimum Principal Receivables Balance1, 2 | $21,190,688,402.15 | |||||
Principal Receivables in Master Trust in Excess of Minimum Principal Receivables Balance2 | $11,034,389,750.92 | |||||
Percentage of the Excess of Principal Receivables over Minimum Principal Receivables Balance to Total Amount of Principal Receivables in Master Trust2 | 34.24% |
| 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(2012-2) notes. |
| 2 | As of April 9, 2012, after giving effect to the issuance of the Class A(2012-2) 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. 333-167413, 333-167413-01 and 333-167413-02) 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(2012-2) DiscoverSeries notes filed pursuant to Rule 424(b) on April 9, 2012, 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 atwww.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 1-877-858-5407.
