Home / Knowledge / News / Apparel/Garments / Cabela's announces closing of $350mn securitization
Cabela's announces closing of $350mn securitization
20
Aug '13
Cabela’s Incorporated announced that Cabela’s Credit Card Master Note Trust successfully completed the sale of $350 million of Asset-Backed Notes, Series 2013-II.

The securitization transaction included the issuance of $100 million of Class A-1 Notes, which accrue interest at a fixed rate of 2.17% per year, and $197.5 million of Class A-2 Notes, which accrue interest at a floating rate equal to one-month LIBOR plus 0.65% per year.

The securitization transaction also included the issuance of three subordinated classes of notes in the aggregate principal amount of $52.5 million. World's Foremost Bank, Cabela’s wholly owned subsidiary, purchased each of the subordinated classes of notes.

Each class of notes issued in the securitization transaction has an expected life of approximately five years, with a legal maturity of approximately eight years. This securitization transaction will help finance the growth of World’s Foremost Bank’s credit card portfolio.

“We are excited to announce the completion of our second term securitization during 2013, and we are very pleased with both the pricing and execution of this transaction,” said Tommy Millner, Cabela’s Chief Executive Officer.

“Even with the recent volatility in interest rates, there was strong investor demand for the transaction, and we were able to upsize by $50 million. This transaction offers a good mix of fixed and floating rate funding. The execution of this transaction demonstrates the continued quality and strength of the Cabela’s CLUB Visa portfolio”, he added

Cabela's


Must ReadView All

Apparel/Garments | On 26th Jun 2017

GSTN registration reopens

E-commerce operators and TDS (tax deducted at source) deductors can...

Textiles | On 26th Jun 2017

Expedite release of ROSL pending claims: TEA to Centre

The Tiruppur Exporters' Association (TEA) has again urged Union...

Textiles | On 26th Jun 2017

'Export promotion schemes to continue under GST regime'

The export promotion schemes will continue under GST regime, said...

Interviews View All

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search