Issuer Free Writing Prospectus Filed Pursuant to Rule 433 Registration Nos. 333-191359, 333-191359-01 and 333-191359-02 |
PRICING TERM SHEET DATED APRIL 28, 2014
DISCOVER ® CARD EXECUTION NOTE TRUST
DiscoverSeries Notes, Class A(2014-3)
$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(2014-3) | |||||
CUSIP | 254683BJ3 | |||||
Principal Amount | $1,000,000,000 | |||||
Interest Rate | Interpolated swaps plus 0.25% | |||||
Expected Maturity Date | April 17, 2017 | |||||
Weighted Average Life | 2.95 years | |||||
Legal Final Maturity Date | October 15, 2019 | |||||
Pricing Date. | April 28, 2014 | |||||
Settlement Date | May 5, 2014 | |||||
Interest Payment Dates | The 15th day of each month, or next business day, beginning in June 2014 | |||||
Underwriters | Barclays Capital Inc. | $ | 143,000,000 | |||
Credit Suisse Securities (USA) LLC | $ | 143,000,000 | ||||
J.P. Morgan Securities LLC | $ | 142,800,000 | ||||
Merrill Lynch, Pierce, Fenner & Smith Incorporated | $ | 142,800,000 | ||||
Mitsubishi UFJ Securities (USA), Inc. | $ | 142,800,000 | ||||
RBC Capital Markets, LLC | $ | 142,800,000 | ||||
SG Americas Securities, LLC | $ | 142,800,000 | ||||
Underwriting Discounts and Commissions | 0.25000% | |||||
Underwriting Concessions | 0.15000% | |||||
Underwriting Reallowance | 0.07500% | |||||
Price to Public | [•] | |||||
Proceeds to Discover Card Execution Note Trust | [•] | |||||
Estimate of Expenses | $1,020,000 | |||||
Minimum Principal Receivables Balance1, 2 | $20,772,238,515.05 | |||||
Principal Receivables in Master Trust in Excess of Minimum Principal Receivables Balance2 | $8,070,691,379.53 | |||||
Percentage of the Excess of Principal Receivables over Minimum Principal Receivables Balance to Total Amount of Principal Receivables in Master Trust2 | 27.98% |
| 1 | An amount equal to the minimum principal receivables balance for the master trust, taking into account the investor interest represented by the collateral certificate and supporting each tranche of notes, after giving effect to the issuance of theClass A(2014-3) notes. |
| 2 | As of April 28, 2014, after giving effect to the issuance of the Class A(2014-3) 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. 333-191359, 333-191359-01 and 333-191359-02) 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(2014-3) DiscoverSeries notes filed pursuant to Rule 424(b) on April 28, 2014, 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 1-888-603-5847.
