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Cabela’s completes sale of $400mn asset-backed notes

July 18, 2014 (United States Of America)

Cabela’s Incorporated announced that Cabela’s Credit Card Master Note Trust successfully completed the sale of $400 million of Asset-Backed Notes, Series 2014-II. The securitization transaction included the issuance of $340 million of Class A Notes, which accrue interest at a floating rate equal to one-month LIBOR plus 0.45% per year. The securitization transaction also included the issuance of three subordinated classes of notes in the aggregate principal amount of $60 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 public term securitization in 2014,” said Tommy Millner, Cabela’s Chief Executive Officer. “Series 2014-II was well received by the market, and we are very pleased with both the pricing and execution of the transaction. We were able to price the transaction at a more favorable rate than our five year term securitization completed in August 2013. The execution of this transaction demonstrates the continued quality and strength of the Cabela’s CLUB Visa portfolio.”
 
About Cabela’s Incorporated
Cabela's Incorporated, headquartered in Sidney, Nebraska, is a leading specialty retailer, and the world's largest direct marketer, of hunting, fishing, camping and related outdoor merchandise. Since the Company's founding in 1961, Cabela's has grown to become one of the most well-known outdoor recreation brands in the world, and has long been recognized as the World's Foremost Outfitter. Through Cabela's growing number of retail stores and its well-established direct business, it offers a wide and distinctive selection of high-quality outdoor products at competitive prices while providing superior customer service. Cabela's also issues the Cabela's CLUB Visa credit card, which serves as its primary customer loyalty rewards program. 
 

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