Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
31 Ottobre 2016 - 8:06PM
Edgar (US Regulatory)
The information in this preliminary pricing supplement is not complete and may be changed. This
preliminary pricing supplement and the accompanying prospectus supplement and prospectus are not offers to sell these securities and are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
Subject to completion
Preliminary Pricing Supplement dated October 31, 2016
Filed under Rule 424(b)(2), Registration Statement No.
333-205280
Preliminary Pricing Supplement No. 27 -
Dated Monday, October 31, 2016 (to: Prospectus dated June 26, 2015 and Prospectus Supplement Dated: September 8, 2015)
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CUSIP Number
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Principal
Amount
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Selling
Price
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Gross
Concession
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Net
Proceeds
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Coupon
Type
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Coupon
Rate
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Coupon
Frequency
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Day
Count
Basis
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Maturity
Date
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1st
Coupon
Date
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1st
Coupon
Amount
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Survivors
Option
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FDIC
Guaranteed
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Product
Ranking
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25472CBF5
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$
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100.00%
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1.450%
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$
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Fixed
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3.000%
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Semi-Annual
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30/360
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11/15/2023
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5/15/2017
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$15.42
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Yes
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No
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Senior Unsecured
Notes
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Redemption Information:
Callable in whole or in part, at any time on or after 8/15/2023.
Optional Redemption: Discover Financial Services may, at its option, at any time on or after 08/15/2023, redeem these Discover Financial Services InterNotes in
whole or in part on no less than 10 nor more than 30 days prior notice delivered to the holders of these Discover Financial Services InterNotes. These Discover Financial Services InterNotes will be redeemable at a redemption price equal to
100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest. If fewer than all of these Discover Financial Services InterNotes are to be redeemed, the Trustee will select the Notes for redemption on a pro rata basis,
by lot or by such other method in accordance with the DTCs procedures. These Discover Financial Services InterNotes will be redeemed in denominations of $1,000 and integral multiples of $1,000 in excess thereof. If these Discover Financial
Services InterNotes are to be redeemed in part only, the notice of redemption will state the portion to be redeemed. Unless Discover Financial Services defaults in payment of the redemption price, on and after the redemption date, interest will
cease to accrue on these Discover Financial Services InterNotes or the portions of these Discover Financial Services InterNotes called for redemption.
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25472CBG3
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$
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100.00%
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2.000%
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$
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Fixed
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3.500%
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Semi-Annual
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30/360
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11/15/2028
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5/15/2017
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$17.99
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Yes
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No
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Senior Unsecured
Notes
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Redemption Information:
Callable in whole or in part, at any time on or after 8/15/2028.
Optional Redemption: Discover Financial Services may, at its option, at any time on or
after 08/15/2028, redeem these Discover Financial Services InterNotes in whole or in part on no less than 10 nor more than 30 days prior notice delivered to the holders of these Discover Financial Services InterNotes. These Discover Financial
Services InterNotes will be redeemable at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest. If fewer than all of these Discover Financial Services InterNotes are to be redeemed,
the Trustee will select the Notes for redemption on a pro rata basis, by lot or by such other method in accordance with the DTCs procedures. These Discover Financial Services InterNotes will be redeemed in denominations of $1,000 and integral
multiples of $1,000 in excess thereof. If these Discover Financial Services InterNotes are to be redeemed in part only, the notice of redemption will state the portion to be redeemed. Unless Discover Financial Services defaults in payment of the
redemption price, on and after the redemption date, interest will cease to accrue on these Discover Financial Services InterNotes or the portions of these Discover Financial Services InterNotes called for redemption.
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Trade Date: Monday, November 7, 2016 @ 12:00 PM ET
Settlement Date: Thursday, November 10, 2016
Minimum Denomination/Increments: $1,000.00/$1,000.00
Initial trades settle flat and clear SDFS: DTC Book Entry only
Lead Manager: Incapital LLC
Agents: BofA Merrill Lynch, Citigroup , Morgan Stanley , RBC Capital
Markets, Wells Fargo Advisors, LLC
InterNotes
®
is a registered trademark of Incapital Holdings LLC. All Rights Reserved.
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Discover Financial Services
Discover Financial Services InterNotes
Preliminary Pricing Supplement No. 27 - Dated
Monday, October 31, 2016
(to: Prospectus dated June 26, 2015 and Prospectus
Supplement Dated: September 8, 2015)
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