Advanta Corp. said its wholly-owned subsidiary, Advanta Conduit Receivables, Inc. has priced a $275 million revolving home equity loan securitization. The transaction is expected to close Sept. 28.

The securitization consists of a single class of floating-rate notes backed by revolving home equity loans. Morgan Stanley Dean Witter is the lead underwriter, and Banc of America Securities LLC is the co-manager. The pass-through rate on the notes will be 37 basis points over one-month London interbank offered rate.

The notes are expected to be guaranteed by Ambac Assurance Corp.

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