Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Issuance of Series 2018-1 Notes

On March 20, 2018, Synchrony Credit Card Master Note Trust (the “Trust”) entered into the Series 2018-1 Indenture Supplement (the “Series 2018-1 Indenture Supplement”), between the Trust and Deutsche Bank Trust Company Americas, as indenture trustee and as custodian, a copy of which is filed with this Current Report on Form 8-K as Exhibit 4.1, pursuant to which the Trust issued $525,000,000 of Series 2018-1 Class A Asset Backed Notes (the “Class A Notes”), $50,342,466 of Series 2018-1 Class B Asset Backed Notes (the “Class B Notes”) and $43,150,685 of Series 2018-1 Class C Asset Backed Notes (the “Class C Notes”), described in a Prospectus dated March 13, 2018 (the “Prospectus”).

Use of Proceeds – Series 2018-1 Notes

The public offering of the Class A Notes, the Class B Notes and the Class C Notes was made under the registration statement (the “Registration Statement”) on Form SF-3 (File No. 333-206176 and File No. 333-206176-01) filed with the Securities and Exchange Commission on August 6, 2015 (as amended by pre-effective amendment no. 1 on December 30, 2015, pre-effective amendment no. 2 on February 5, 2016 and pre-effective amendment no. 3 on February 19, 2016) and declared effective on February 26, 2016.

The public offering of the Class A Notes, the Class B Notes and the Class C Notes terminated on March 20, 2018 upon the sale of all of the Class A Notes, the Class B Notes and the Class C Notes. The underwriters of the Class A Notes were RBC Capital Markets, LLC, Citigroup Global Markets Inc., TD Securities (USA) LLC, CastleOak Securities, L.P., J.P. Morgan Securities LLC, Mizuho Securities USA LLC and SG Americas Securities, LLC. The underwriters of the Class B Notes and the Class C Notes were RBC Capital Markets, LLC, Citigroup Global Markets Inc. and TD Securities (USA) LLC.

During the period from the effective date of the Registration Statement through the current reporting period, the amount of expenses incurred in connection with the issuance and distribution of the Class A Notes, the Class B Notes and the Class C Notes with respect to underwriting commissions and discounts was $1,312,500.00 for the Class A Notes, $163,613.01 for the Class B Notes and $161,815.07 for the Class C notes.  After deducting the underwriting commissions and discounts described in the preceding sentence, the net offering proceeds to the Trust before expenses for the Class A Notes, Class B Notes and Class C Notes are $616,791,242.68. Other expenses, including legal fees and other costs and expenses, are reasonably estimated to be $800,000 and net proceeds to the Trust, after deduction of expenses, are reasonably estimated to be $615,991,242.68. With respect to the payment of these other expenses and costs, all direct or indirect payments were made to persons other than persons who are (a) directors or officers of the Trust or (b) owners of 10 percent or more of any class of securities of the Trust.

The net proceeds to RFS Holding, L.L.C., after deducting the underwriting commissions and discounts, and expenses above, were used to purchase credit card receivables from Synchrony Bank (the “Bank”), an affiliate of RFS Holding, L.L.C., and to repay intercompany indebtedness owed by RFS Holding, L.L.C. to RFS Holding, Inc., another affiliate, which indebtedness was incurred primarily to finance prior purchases of credit card receivables from the Bank. Except as provided in the previous sentence, none of the proceeds were used for payments to (a) any directors or officers of the Trust or (b) owners of 10 percent or more of any class of securities of the Trust.

Item 6.05.         Securities Act Updating Disclosure.

The tables set forth in the attached Exhibit 99.1 summarize the trust portfolio by various criteria as of the date specified therein.

Item 9.01.         Financial Statements and Exhibits.

(a)          Not applicable.

(b)          Not applicable.

(c)          Not applicable.

(d)          Exhibits.

SIGNATURES

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.