Metris plans $30 million prepayment on 10 1/8% notes

By Jennifer Chiou

New York, June 15 - Metris Cos. Inc. announced it intends to make an optional $30 million principal prepayment of its unsecured 10 1/8% senior notes due July 2006.

After the expected July 15 payment date, the remaining principal will be $49.1 million.

Minnetonka, Minn.-based Metris is one of the largest bankcard issuers in the United States and issues credit cards through Direct Merchants Credit Card Bank, NA, a wholly owned subsidiary with headquarters in Phoenix, Ariz.

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