NEW YORK - Advanta Corp. announced Tuesday that it filed a shelf registration statement with the Securities and Exchange Commission to sell up to $1 billion of debt securities, depending on market conditions.
The company - whose Claymont, Del.-based subsidiary, Colonial National Bank USA, manages $5.4 billion of credit card, mortgage, and other loans - said proceeds would be used for general corporate purposes.
Underwriters were not named.
A day before the shelf announcement, the top executives of Horsham, Pa.-based Advanta delivered a bullish financial report to the New York Society of Security Analysts.
Richard Greenawalt, president and chief operating officer, projected a minimum 30% growth next year in average managed credit card receivables.
The figure was up 39% in the 12 months through Sept. 30.
The net interest margin on the card portfolio expanded to 8.05% from 7.72% in the second quarter, while the net chargeoff rate fell to 3.2% from 4%.
Warren Kantor, Vice chairman, said 1993 will be the fifth consecutive year of record earnings.