SEC Info℠  
    Home      Search      My Interests      Help      Sign In      Please Sign In

WFN Credit Co LLC, et al. – ‘8-K’ for 5/22/17 – ‘EX-99.1’

On:  Wednesday, 5/24/17, at 4:01pm ET   ·   For:  5/22/17   ·   Accession #:  1101215-17-118   ·   File #s:  333-60418, 333-113669, 333-60418-01

Previous ‘8-K’:  ‘8-K’ on 5/17/17 for 5/15/17   ·   Next:  ‘8-K’ on 7/11/17 for 7/10/17   ·   Latest:  ‘8-K’ on 5/10/24 for 5/8/24

Find Words in Filings emoji
 		  in    Show  and   ↓Hints

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 5/24/17  WFN Credit Co LLC                 8-K:1,6,8,9 5/22/17    3:820K                                   Alliance Data Syst… Corp
          World Financial Network Credit Card Master Trust
          World Financial Network Credit Card Master Note Trust

Asset-Backed Securities (ABS)
Asset Class:  Credit card   ·   Sponsor:  World Financial Network National Bank   ·   Depositor:  WFN Credit Co LLC

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report -- form_8k                           HTML     23K 
 2: EX-4.1      Instrument Defining the Rights of Security Holders  HTML    362K 
                          -- exhibit_4-1                                         
 3: EX-99.1     Miscellaneous Exhibit -- exhibit_99-1               HTML     76K

EX-99.1   —   Miscellaneous Exhibit — exhibit_99-1

This exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]

Exhibit 99.1
For purposes of the tables below, "Number of Accounts" refers to all trust accounts, including any accounts that are inactive accounts and zero-balance accounts, which in some cases may be closed accounts that have not yet been removed from the originator's computer system and from the trust portfolio. Because the future composition of the trust portfolio will change over time, these tables are not indicative of the composition of the trust portfolio at any subsequent time.
The table immediately below sets forth the number of fixed and floating rate credit cards and the associated principal amounts contained in the trust portfolio as of April 30, 2017.
Distribution of Trust Portfolio
by Fixed/Floating APR
 (Dollars in Thousands; Accounts in Thousands)
   
Number of Accounts
    
Percentage
 of Number of Accounts
    
Principal
 Receivables
    
Percentage of
Total Principal
 Receivables
  
Total Fixed
    
2,090
      
2.63
%
  
$
74,676
      
1.11
%
Total Variable(1)
    
77,539
      
97.37
%
    
6,657,913
      
98.89
%
Total(2)
    
79,629
      
100.00
%
  
$
6,732,588
      
100.00
%
________________________________
(1)  In the majority of instances, the annual variable rate is currently prime plus 21.74%.
(2)  Amounts and percentages may not add up to the total due to rounding.
 
Our variable rate credit cards represent APRs indexed to a benchmark rate plus various spread levels. Variable rate credit cards are not subject to a maximum rate.
 
Composition by Retailer Type
 Trust Portfolio
Retailer Type
  
Percentage of Total
Principal Receivables
Soft goods
  
62.29%
Department Store
  
19.90%
Furniture
  
15.43%
Jewelry
  
1.85%
Other
  
0.52%
Total(1)
  
100.00%
________________________________
(1)  Amounts and percentages may not add up to the total due to rounding.
 
The table immediately below sets forth the companies, including each of their respective affiliates, that have credit card programs, or groups of credit card programs, that account for more than 7.5% of principal receivables balances in the trust portfolio as of April 30, 2017.  Except for the three companies listed below, no other company's credit card program, or group of credit card programs, accounts for more than 7.5% of the principal receivables in the trust portfolio as of April 30, 2017.

Composition by Retailer Group of
 Trust Portfolio
(Dollars in Thousands; Accounts in Thousands)
Retailer Group(1)
  
Number of Accounts
    
Percentage
 of Total Number of Accounts
    
Principal Receivables
    
Percentage of Total Principal Receivables
  
L Brands, Inc. Retail Group
    
13,590
      
17.07
%
  
$
1,487,090
      
22.09
%
Ascena Retail Group, Inc.
    
9,868
      
12.39
%
    
759,796
      
11.29
%
Bon Ton Retail Group
    
6,741
      
8.47
%
    
724,734
      
10.76
%
Retailer Groups less than 7.5%
    
49,431
      
62.08
%
    
3,760,968
      
55.86
%
Total(2)
    
79,629
      
100.00
%
  
$
6,732,588
      
100.00
%
________________________________
(1)   Includes each individual retailer in the trust commonly owned by the retailer group.
(2)   Amounts and percentages may not add up to the total due to rounding.

Composition by Individual Retailer of
Trust Portfolio
(Dollars in Thousands; Accounts in Thousands)
Retailer
  
Number of Accounts
    
Percentage
 of Total Number of Accounts
    
Principal Receivables
    
Percentage of Total Principal Receivables
  
Victoria's Secret PL
    
13,559
      
17.03
%
  
$
1,482,577
      
22.02
%
Lane Bryant PL
    
3,459
      
4.34
%
    
389,962
      
5.79
%
Retailers less than 5%
    
62,611
      
78.63
%
    
4,860,049
      
72.19
%
Total(1)
    
79,629
      
100.00
%
  
$
6,732,588
      
100.00
%
________________________________
(1)   Percentages may not add up to the total due to rounding.

Composition by Account Balance
Trust Portfolio
 (Dollars in Thousands; Accounts in Thousands)
Account Balance Range
    
Number of Accounts
    
Percentage
 of Total Number of Accounts
    
Principal Receivables
    
Percent of
 Total Principal Receivables
  
Credit Balance
     
364
      
0.46
%
  
$
(14,191
)
    
(0.21
)%
No Balance
     
65,303
      
82.01
%
    
—
      
—
  
$0.01 - $50.00
      
1,768
      
2.22
%
    
51,047
      
0.76
%
$50.01 - $100.00
      
1,919
      
2.41
%
    
142,898
      
2.12
%
$100.01 - $150.00
      
1,461
      
1.83
%
    
181,231
      
2.69
%
$150.01 - $250.00
      
2,225
      
2.79
%
    
440,766
      
6.55
%
$250.01 - $350.00
      
1,238
      
1.55
%
    
366,733
      
5.45
%
$350.01 - $500.00
      
1,256
      
1.58
%
    
530,041
      
7.87
%
$500.01 - $1,000.00
      
2,277
      
2.86
%
    
1,632,151
      
24.24
%
$1,000.01 - $1,500.00
      
927
      
1.16
%
    
1,126,026
      
16.73
%
$1,500.01 or more
     
891
      
1.12
%
    
2,275,886
      
33.80
%
Total (1)
     
79,629
      
100.00
%
  
$
6,732,588
      
100.00
%
________________________________
(1)   Amounts and percentages may not add up to the total due to rounding.

Composition by Credit Limit
Trust Portfolio
 (Dollars in Thousands; Accounts in Thousands)
Credit Limit Range
    
Number of Accounts
    
Percentage
 of Total Number of Accounts
    
Principal Receivables
    
Percent of
 Total Principal Receivables
  
No Credit Limit
     
3,285
      
4.13
%
  
$
64,374
      
0.96
%
$0.01 - $100.00
      
284
      
0.36
%
    
1,213
      
0.02
%
$100.01 - $250.00
      
6,411
      
8.05
%
    
203,616
      
3.02
%
$250.01 - $350.00
      
2,600
      
3.27
%
    
100,071
      
1.49
%
$350.01 - $500.00
      
6,092
      
7.65
%
    
220,679
      
3.28
%
$500.01 - $750.00
      
10,471
      
13.15
%
    
408,742
      
6.07
%
$750.01 - $1,000.00
      
16,528
      
20.76
%
    
543,674
      
8.08
%
$1,000.01 - $1,250.00
      
4,688
      
5.89
%
    
539,520
      
8.01
%
$1,250.01 - $1,500.00
      
7,362
      
9.25
%
    
630,189
      
9.36
%
$1,500.01 - $2,000.00
      
8,744
      
10.98
%
    
1,055,985
      
15.68
%
$2,000.01 - $2,500.00
      
2,149
      
2.70
%
    
655,729
      
9.74
%
$2,500.01 or more
     
11,014
      
13.83
%
    
2,308,796
      
34.29
%
Total (1)
     
79,629
      
100.00
%
  
$
6,732,588
      
100.00
%
________________________________
(1)   Amounts and percentages may not add up to the total due to rounding.

Composition by Account Age
Trust Portfolio
 (Dollars in Thousands; Accounts in Thousands)
Account Age Range
  
Number of Accounts
    
Percentage
 of Total Number of Accounts
    
Principal Receivables
    
Percent of
 Total Principal Receivables
  
Not More than 12 Months 
    
7,478
      
9.39
%
  
$
974,506
      
14.47
%
Over 12 Months to 24 Months 
    
7,693
      
9.66
%
    
952,392
      
14.15
%
Over 24 Months to 36 Months 
    
7,668
      
9.63
%
    
902,573
      
13.41
%
Over 36 Months to 48 Months 
    
7,393
      
9.28
%
    
734,629
      
10.91
%
Over 48 Months to 60 Months 
    
6,979
      
8.76
%
    
562,945
      
8.36
%
Over 60 Months 
    
42,419
      
53.27
%
    
2,605,544
      
38.70
%
Total (1) 
    
79,629
      
100.00
%
  
$
6,732,588
      
100.00
%
________________________________
(1)   Amounts and percentages may not add up to the total due to rounding.

Cardholders whose accounts are designated for the trust portfolio had billing addresses in all 50 states, the District of Columbia and other U.S. territories, except for approximately 0.23% of the principal receivables balance for the trust for which cardholders had billing addresses located outside of the United States, the District of Columbia or other U.S. territories.  Except for the six states listed below, no state accounted for more than 5% of the number of accounts or 5% of the total principal receivables balances as of April 30, 2017.
Composition by Billing Address
 Trust Portfolio
State
  
Percentage of
 Number of Accounts
  
Percentage of
Total Principal
 Receivables
Texas 
  
7.35%
  
10.36%
California 
  
7.85%
  
9.37%
Illinois 
  
6.06%
  
8.14%
New York 
  
7.74%
  
7.15%
Florida 
  
6.57%
  
6.46%
Pennsylvania 
  
5.38%
  
4.76%

The bank uses credit bureau scoring and a proprietary scoring model developed for the bank as tools in the underwriting process and for making credit decisions.  The bank uses credit bureau scoring and a proprietary scoring model also for purposes of monitoring obligor credit quality.  The bank's proprietary scoring model is based on historical data and requires the bank to make various assumptions about future performance.  As a result, the bank's proprietary model is not intended, and should not be relied upon, to forecast actual future performance.
Information regarding customer performance is factored into these proprietary scoring models to determine the probability of an account becoming 91 or more days past due or becoming charged off at any time within the next 12 months. Obligor credit quality is monitored at least monthly during the life of an account. The information in the table below is based on the most recent information available for each account in the trust portfolio. Because the future composition of the trust portfolio will change over time, obligor credit quality as shown in the table below is not indicative of obligor credit quality for the trust portfolio at any subsequent time. In addition, the bank's assessment of obligor credit quality may change over time depending on the conduct of the cardholder and changes in the proprietary scoring models used by the bank.
Composition by Obligor Credit Quality
Trust Portfolio
 (Dollars in Thousands)
Probability of an Account Becoming 91 or More
Days Past Due or Becoming Charged-off
 (within the next 12 months)
    
Principal
 Receivables
    
Percentage of Total Principal
 Receivables
  
No Score
   
$
64,506
      
0.96
%
27.1% and higher
     
601,982
      
8.94
%
17.1% – 27.0%
 
    
421,687
      
6.26
%
12.6% – 17.0%
 
    
426,083
      
6.33
%
3.7% – 12.5%
 
    
2,548,612
      
37.85
%
1.9 – 3.6%
 
    
1,473,732
      
21.89
%
Lower than 1.9%
     
1,195,986
      
17.76
%
Total (1)
   
$
6,732,588
      
100.00
%
________________________________
(1) Amounts and percentages may not add up to the total due to rounding.

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
Filed on:5/24/17
For Period End:5/22/17
4/30/1710-D
 List all Filings 
↑Top
Filing Submission 0001101215-17-000118   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
About — Privacy — Redactions — Help — Mon., May 13, 7:22:23.2pm ET