Advanta National Bank a subsidiary of Advanta Corp. announced Thursday that it is extending the offer to purchase (the “Offer to Purchase”) its outstanding promissory notes that were not assumed by Fleet Credit Card LLC in connection with the acquisition of Advanta Corp.’s consumer credit card business by Fleet and certain of its affiliates.
The Bank Notes were issued at various times since July 1993 and at various maturities and rates. As of April 14, 1998, the date of the Offer to Purchase, approximately $113 million of these Bank Notes were outstanding. To date, ANB has received documents relating to the deposit for repurchase of approximately $91 million in principal amount of the Bank Notes.
The Offer to Purchase is being extended to 500 p.m. New York City time on May 21, 1998. The Offer to Purchase had previously been scheduled to expire at 500 p.m. on May 13, 1998.
Advanta is a highly focused financial services company with 2,300 employees, approximately $10 billion in managed assets and an additional $8.8 billion in assets serviced for third parties.
Advanta serves consumers and small businesses with innovative products and services including mortgages, equipment leases, business credit cards, insurance and deposit products. The Company also provides a full range of loan purchasing, contract servicing and securitization services to the mortgage industry.Details