Dow Jones
WASHINGTON A unit of Advanta Corp. filed to offer $2.06 billion of asset-backed notes from time to time.
According to a shelf registration statement filed Tuesday, Advanta Business Receivables Corp. will use the net proceeds to purchase certain receivables from other Advanta business units, which will then use those proceeds for general corporate purposes.
Included is $745.5 million in unsold securities from a previous registration statement with the Securities and Exchange Commission.
The trustee for the notes is Bankers Trust Co.
Advanta, of Spring House, Pa., completed a strategic repositioning away from consumer businesses in the first quarter. It is now focusing on its business credit card operation and the small-business market.
