Home / Knowledge / News / Apparel/Garments / Cabela's completes sale of $300mn asset-backed notes
Cabela's completes sale of $300mn asset-backed notes
01
Apr '14
Cabela’s Incorporated announced that Cabela’s Credit Card Master Note Trust successfully completed the sale of $300 million of Asset-Backed Notes, Series 2014-I. The securitization transaction included the issuance of $255 million of Class A Notes, which accrue interest at a floating rate equal to one-month LIBOR plus 0.35% per year. 
 
The securitization transaction also included the issuance of three subordinated classes of notes in the aggregate principal amount of $45 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 three years, with a legal maturity of approximately six years.
 
Cabela’s Incorporated also announced that a variable funding facility with Royal Bank of Canada has been renewed for an additional three years and the commitment under the variable funding facility has increased from $350 million to $500 million.
 
The variable funding facility relates to an outstanding series of variable funding notes issued by Cabela’s Credit Card Master Note Trust. The securitization transaction and the variable funding facility will help finance the growth of World’s Foremost Bank’s credit card portfolio.
 
“We are very proud to announce the completion of our first publicly offered term securitization,” said Tommy Millner, Cabela’s Chief Executive Officer. “Series 2014-I was well received by the market, and we are very pleased with both the pricing and execution of the transaction. The strong investor demand for the transaction is a testament to the Cabela’s brand and demonstrates the continued quality and strength of the Cabela’s CLUB Visa portfolio. 
 
“The issuance of our first public transaction is a huge milestone for our securitization program, and we are excited about the future. In addition to the closing of the term securitization, we have renewed a variable funding facility with Royal Bank of Canada and upsized the commitment from $350 million to $500 million to provide continued liquidity for our Cabela’s CLUB Visa program.”

Cabela's Inc

Must ReadView All

Courtesy: India ITME

Textiles | On 8th Dec 2016

Industry needs to create 1cr jobs in 3yrs: Kavita Gupta

Sharing several initiatives laid out by the government in R&D,...

Textiles | On 8th Dec 2016

Package will boost made-ups sector: SIMA

The reforms package approved by the Union Cabinet to boost employment ...

Textiles | On 8th Dec 2016

Cabinet okays reforms to boost jobs in made-ups sector

The Union Cabinet chaired by prime minister Narendra Modi has given...

Interviews View All

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Eamonn Tighe
Nature Works LLC

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

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search