Capital One's wholly-owned subsidiary, CONA, plans to defease the outstanding Discover Series Class A Notes issued by the Discover Card Execution Note Trust.
The defeasance process is expected to be completed as early as December 2025, in accordance with the Second Amended and Restated Indenture.
The defeasance collateral will consist of U.S. Treasury bonds, cash, or a combination of both, to pay the remaining principal and interest on the Class A Notes.
Defeasance of Class A Notes
CONA plans to defease the Discover Series Class A Notes issued by DCENT.
Expected Completion Date
The defeasance process is expected to be completed by December 2025.
Collateral Details
U.S. Treasury bonds and cash will be used as collateral to pay the principal and interest.
- The planned defeasance will retire and cancel a subordinated class of Discover Series notes held by affiliates of CONA.
- CONA will also direct the release of DCENT's beneficial interest in credit card receivables and wind down DCMT.
- This press release serves as informational and does not constitute a commitment regarding the discussed securities.
Capital One's strategic move to defease the Discover Series Class A Notes demonstrates a proactive approach to managing financial obligations and optimizing capital resources.