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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


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