Synchrony Card Funding, LLC Issues $1B Class A(2026-2) Notes

What Happened

• Synchrony Card Funding, LLC (through the Synchrony Card Issuance Trust) filed an 8-K reporting that on August 12, 2026 the Trust issued $1,000,000,000 principal amount of SynchronySeries Class A(2026-2) Notes. The Trust and The Bank of New York Mellon, as Indenture Trustee, executed the Class A(2026-2) Terms Document, and Funding, the Trust and Synchrony Bank entered a Risk Retention Agreement for these notes. Copies of the Terms Document and Risk Retention Agreement were filed as Exhibits 4.1 and 4.2; a portfolio composition table was filed as Exhibit 99.1.

Key Details

• Issuance date: August 12, 2026; principal amount issued: $1,000,000,000.
• Offering made under Form SF-3 registration (File Nos. 333-280854, 333-280854-01); registration declared effective Sept 12, 2024; offering terminated Aug 12, 2026 upon sale of all notes.
• Underwriting commissions and discounts: $2,500,000; other estimated expenses (legal, etc.): $800,000. Net proceeds to the Trust after all expenses: approximately $996,433,400 (net before other expenses: $997,233,400).
• Use of proceeds: to purchase credit card receivables from Synchrony Bank (an affiliate) and to repay intercompany indebtedness owed by Funding to the Bank. The filing states no payments were made to Trust directors/officers or 10%+ owners.

Why It Matters

• This transaction provides roughly $1.0 billion of funding used to acquire credit card receivables and reduce intercompany borrowings, which affects Synchrony Card Funding’s liquidity and asset composition. The signed Risk Retention Agreement and the filed Terms Document are material legal steps required for the offering and may be relevant to investors assessing credit support, regulatory compliance and the structure of the securitization. The filing also discloses underwriting fees and net proceeds, giving transparency on the costs and net economic benefit of the offering.