Alliance Data Systems Corp. issued $950 million of fixed-rate term credit card-loan-backed securities to free up liquidity at the Dallas private-label credit card issuer, which recently has been hurt by currency changes and higher loss rates.

The securities consist of three series with an average maturity of just under three years and an average interest rate of just under 4%. About $750 million of the notes are rated triple-A and eligible for financing through the Federal Reserve's Term Asset-Backed Securities Loan Facility program.

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