Discover Bank plans sale of split-rated 10-year notes

By Andrea Heisinger

New York, Nov. 9 - Discover Bank is planning a sale of split-rated 10-year subordinated notes, a market source away from the sale said on Monday.

The notes (Ba1/BBB-/BBB-) are expected to go overnight and price on Tuesday, the source said.

Goldman Sachs & Co. is running the books.

Proceeds will be used for general corporate purposes.

The banking subsidiary of Discover Financial Services is based in Riverwoods, Ill.

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