DALLAS -- First USA Inc. has priced a $1.5 billion securitization of credit card receivables., The securitization consists of a three-year average life $602.4 million series, and a seven-year average life $898.2 million series of floating rate asset backed certificates.

Each have two classes of publicly traded securities and a separate class of privately placed collateral invested amounts.

First USA Bank services the receivables and will continue to do so following the securitization.

The transaction, which is scheduled to close Wednesday, is being underwritten by Merrill Lynch & Co., Goldman, Sachs & Co., J.P. Morgan Securities Inc., and NationsBanc Capital Markets Inc.

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