<HTML><HEAD><TITLE>February 7, 2005 8-K</TITLE><!-- Licensed to: MBNA Corporation--><!-- Document Created using EDGARIZER HTML --><!-- Copyright 2004 EDGARfilings, Ltd., an IEC company.--><!-- All rights reserved EDGARfilings.com -->
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>UNITED STATES </STRONG></FONT></DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>SECURITIES AND EXCHANGE COMMISSION</STRONG></FONT></DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>Washington, D.C. 20549</STRONG></FONT></DIV>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman, serif"><STRONG>FORM 8-K</STRONG></FONT></DIV>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>CURRENT REPORT</STRONG></FONT></DIV>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>Pursuant to Section 13 or 15(d) of the </STRONG></FONT></DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>Securities Exchange Act of 1934</STRONG></FONT></DIV>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>February 7, 2005</STRONG></FONT></DIV></TD></TR>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman, serif"><STRONG>MBNA Corporation</STRONG></FONT></DIV></TD></TR>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>Maryland</STRONG></FONT></DIV></TD>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>1-10683</STRONG></FONT></DIV></TD>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>Wilmington, Delaware</STRONG></FONT></DIV></TD>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>19884-0131</STRONG></FONT></DIV></TD></TR>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>(800) 362-6255</STRONG></FONT></DIV></TD></TR></TABLE>
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(Former name or former address, if changed since last report)</FONT></DIV></TD></TR></TABLE>
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<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</FONT></DIV></TD></TR>
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<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</STRONG></FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 6.1pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG><EM>&#128;500 Million Issuance under</EM></STRONG></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"> </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG><EM>Euro Medium Term Note Programme</EM></STRONG></FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">On February 7, 2005, MBNA Europe Funding plc issued &#128;500 million Euro Medium Term Notes (the "Notes") pursuant to its &#128;6,000,000,000 Euro Medium Term Note Programme. The Notes are unsecured obligations of MBNA Europe Funding plc and are unconditionally and irrevocably guaranteed in respect to all payments by MBNA America Bank, N.A. ("MBNA America"). The Notes pay a fixed annual rate of 3.00% and will mature on February 7, 2008. The Notes were underwritten by Lehman Brothers International (Europe) and WestLB AG, London Branch, as lead managers for a purchase price of 99.907 percent of the principal amount. The Notes may be accelerated following an Event of Default (as defined in the Trust Deed referred to below) applicable to the Notes, such as non-payment of principal or interest or MBNA Europe Funding plc&#146;s or MBNA America&#146;s default on other indebtedness above a specified amount or their failure to comply with the terms of the Trust Deed. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">The Notes were issued pursuant to the terms of the Fifth Supplemental Trust Deed, dated September 24, 2004, by and among MBNA America, MBNA Europe Funding plc, and Deutsche Trustee Company Limited (formerly called Bankers Trustee Company Limited), which is filed as Exhibit 4 to MBNA Corporation&#146;s Current Report on Form 8-K filed on September 30, 2004.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">For additional discussion of the Euro Medium Term Note Programme, see "Note 17: Long-Term Debt and Bank Notes - Euro Medium-Term Notes" on page 84 of the 2003 Annual Report to Stockholders, which is incorporated herein by reference. </FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">MBNA America is MBNA Corporation&#146;s principal subsidiary and the parent of MBNA Europe Bank Limited ("MBNA Europe"). MBNA Europe is the parent of MBNA Europe Funding plc.</FONT></DIV>
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<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</FONT></DIV>
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<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Date: February 10, 2005</FONT></DIV></TD>
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<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">By:</FONT></DIV></TD>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Kenneth A. Vecchione</FONT></DIV></DIV></TD></TR>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Kenneth A. Vecchione</FONT></DIV></TD></TR>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Chief Financial Officer</FONT></DIV></TD></TR></TABLE>
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February 7, 2005 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
February 7, 2005
MBNA Corporation
(Exact name of registrant as specified in its charter)
Maryland
1-10683
52-1713008
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer
Identification No.)
Wilmington, Delaware
19884-0131
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code
(800) 362-6255
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[  ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
€500 Million Issuance under
Euro Medium Term Note Programme
On February 7, 2005, MBNA Europe Funding plc issued €500 million Euro Medium Term Notes (the "Notes") pursuant to its €6,000,000,000 Euro Medium Term Note Programme. The Notes are unsecured obligations of MBNA Europe Funding plc and are unconditionally and irrevocably guaranteed in respect to all payments by MBNA America Bank, N.A. ("MBNA America"). The Notes pay a fixed annual rate of 3.00% and will mature on February 7, 2008. The Notes were underwritten by Lehman Brothers International (Europe) and WestLB AG, London Branch, as lead managers for a purchase price of 99.907 percent of the principal amount. The Notes may be accelerated following an Event of Default (as defined in the Trust Deed referred to below) applicable to the Notes, such as non-payment of principal or interest or MBNA Europe Funding plc's or MBNA America's default on other indebtedness above a specified amount or their failure to comply with the terms of the Trust Deed.
The Notes were issued pursuant to the terms of the Fifth Supplemental Trust Deed, dated September 24, 2004, by and among MBNA America, MBNA Europe Funding plc, and Deutsche Trustee Company Limited (formerly called Bankers Trustee Company Limited), which is filed as Exhibit 4 to MBNA Corporation's Current Report on Form 8-K filed on September 30, 2004.
For additional discussion of the Euro Medium Term Note Programme, see "Note 17: Long-Term Debt and Bank Notes - Euro Medium-Term Notes" on page 84 of the 2003 Annual Report to Stockholders, which is incorporated herein by reference.
MBNA America is MBNA Corporation's principal subsidiary and the parent of MBNA Europe Bank Limited ("MBNA Europe"). MBNA Europe is the parent of MBNA Europe Funding plc.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MBNA Corporation
Date: February 10, 2005
By:
/s/
Kenneth A. Vecchione
Kenneth A. Vecchione
Chief Financial Officer