Synchrony Card Funding, LLC 8-K

What Happened
Synchrony Card Funding, LLC (through the Synchrony Card Issuance Trust) announced that on March 20, 2026 it issued $500,000,000 principal amount of SynchronySeries Class A(2026-1) notes. On the same date the Trust and The Bank of New York Mellon (as Indenture Trustee) executed the Class A(2026-1) Terms Document, and the Trust, Funding and Synchrony Bank entered into a Risk Retention Agreement. The offering was made under the previously filed Form SF-3 registration statement and the public offering terminated on March 20, 2026 upon sale of all notes.

Key Details

• Issuance amount: $500,000,000 principal of SynchronySeries Class A(2026-1) notes (closed March 20, 2026).
• Fees & proceeds: underwriting commissions and discounts totaled $1,250,000; net offering proceeds to the Trust before other expenses were $498,730,750. Estimated additional expenses were $600,000, leaving estimated net proceeds of $498,130,750.
• Use of proceeds: net proceeds were used to purchase credit card receivables from Synchrony Bank (affiliate) and to repay intercompany indebtedness owed by Funding to the Bank.
• Documents filed as exhibits: Class A(2026-1) Terms Document (Exhibit 4.1), Risk Retention Agreement among Funding, Synchrony Bank and the Trust (Exhibit 4.2), and a summary table of the trust portfolio (Exhibit 99.1).

Why It Matters
This transaction provided nearly $500 million of funding to acquire credit card receivables and reduce intercompany borrowings, which directly affects how Synchrony Card Funding finances its asset purchases. The filing also documents formal terms and a risk retention agreement required for these note classes, reflecting compliance steps and the contractual structure backing the notes. Investors should note the size of the issuance, the use of proceeds (affiliate receivables and debt repayment), and the costs of the offering as clear, concrete impacts from this financing event.