SAN FRANCISCO, Dec. 19 /PRNewswire-FirstCall/ -- Providian Financial
Corporation (NYSE: PVN) today announced that on December 17, 2002, Providian
National Bank completed the previously announced sale of $750 million in
three-year Series 2002-B floating rate class A asset backed certificates
issued by the Providian Gateway Master Trust.
In addition, the Company announced that Providian National Bank has
received commitments for additional funding of $1.15 billion under the Series
2002-A variable funding facility issued by the Providian Gateway Master Trust.
These commitments are in addition to the initial $1 billion in commitments
obtained when the Series 2002-A facility was established in October 2002. In
connection with the October closing, $500 million of Series 2002-A
certificates were funded by investors.
The Providian Gateway Master Trust certificates described above have not
been and will not be registered under the Securities Act of 1933 or any state
securities law and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.
About Providian
San Francisco-based Providian Financial is a leading provider of credit
cards and deposit products to customers throughout the U.S. One of America's
largest bankcard issuers, Providian has over $19 billion in managed
receivables and more than 12 million customer relationships.
Certain statements contained in this press release are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
and are subject to the "safe harbor" created by those sections.
Forward-looking statements are based on certain assumptions by management and
are subject to risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements. These risks
and uncertainties include, but are not limited to: changes in general
economic conditions, the securitization markets and the way in which the
Company is perceived in such markets, and conditions relating to
securitization transactions. These and other risks and uncertainties are
described in detail in the Company's Annual Report on Form 10-K and Annual
Report to Stockholders for the fiscal year ended December 31, 2001 under the
headings "Cautionary Statement Regard Forward-Looking Information" and "Risk
Factors." Readers are cautioned not to place under reliance on any
forward-looking statement, which speaks only as of the date thereof. The
Company undertakes no obligation to update any forward-looking statements.
SOURCE Providian Financial Corporation
 back to top
Related links:
http://www.providian.com
CONTACT:
investors, Jack Carsky, +1-415-278-4977, or
media, Alan Elias, +1-415-278-4189, both of Providian Financial
Corporation
|
