UNITED STATES
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): January 31, 2008
Discover Card Execution Note Trust
(Exact name of issuing entity in respect of the notes as specified in charter)
Discover Card Master Trust I
(Exact name of issuing entity in respect of the Series 2007-CC Collateral Certificate as specified in charter)
Discover Bank
(Exact name of sponsor and depositor as specified in charter)
| Delaware | 333-141703-02 000-23108 033-54804 | 51-0020270 | ||
(State of Organization) | (Commission File Numbers) | (IRS Employer Identification No.) |
c/o Discover Bank 12 Read’s Way New Castle, Delaware | 19720 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s Telephone Number, including area code: (302) 323-7434
Former name or former address, if changed since last report: Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 1.01 | Material Definitive Agreements |
Class A(2008-A) Notes. On January 31, 2008, Discover Card Execution Note Trust entered into the Class A(2008-A) Terms Document, dated as of January 31, 2008, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association as Indenture Trustee.
Class B(2008-A) Notes. On January 31, 2008, Discover Card Execution Note Trust entered into the Class B(2008-A) Terms Document, dated as of January 31, 2008, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association as Indenture Trustee.
| Item 8.01 | Other Events |
Unregistered Sale of Class A(2008-A) Notes and Class B(2008-A) Notes. On January 31, 2008, Discover Card Execution Note Trust sold $500,000,000 principal amount of the DiscoverSeries Class A(2008-A) Notes and $150,000,000 principal amount of the DiscoverSeries Class B(2008-A) Notes (the “Notes”) in reliance upon the exemption contained in Section 4(2) of the Securities Act of 1933, as amended. The Notes were sold at par value for cash, with no applicable underwriting discounts or commissions. Each class of Notes has an expected maturity date of May 17, 2010. Interest to be paid on each class of Notes will be a floating rate which will generally be related to the pass-through costs of the purchaser’s commercial paper program, plus a margin, but may be based on a liquidity rate, LIBOR or the prime rate in limited circumstances. In connection with this issuance, the investor interest in receivables represented by the collateral certificate issued by the Discover Card Master Trust I that secures the DiscoverSeries Notes was increased by $650,000,000. Discover Card Execution Note Trust paid the net proceeds from the issuance to Discover Bank in exchange for the increase in the investor interest in receivables represented by the collateral certificate.
| Item 9.01 | Exhibits |
Exhibit No. | Description | |
4.1 | Class A(2008-A) Terms Document, dated as of January 31, 2008, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee. | |
4.2 | Class B(2008-A) Terms Document, dated as of January 31, 2008, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee. | |
SIGNATURES
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 thereunto duly authorized.
| Discover Bank | ||||||
(as Depositor for Discover Card Master Trust I and Discover Card Execution Note Trust) | ||||||
| Date: January 31, 2008 | By: | /s/ Michael F. Rickert | ||||
| Michael F. Rickert | ||||||
| Vice President, Chief Financial Officer and Treasurer | ||||||
INDEX TO EXHIBITS
Exhibit No. | Description | |
4.1 | Class A(2008-A) Terms Document, dated as of January 31, 2008, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee. | |
4.2 | Class B(2008-A) Terms Document, dated as of January 31, 2008, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee. | |
