Providian to sell $750 M in asset backed paper

By siliconindia   |   Monday, 09 December 2002, 20:30 IST
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SAN FRANCISCO: Providian Financial Corporation (NYSE: PVN) Monday announced that Providian National Bank has agreed to sell $750 million of three-year Series 2002-B floating rate class A asset backed certificates issued by the Providian Gateway Master Trust. The company did not disclose what type of assets, such as mortgage loans or credit card receivables or other assets, will back the paper sale. Providian noted that the certificates have not been and will not be registered with securities regulators and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements.