Home / Knowledge / News / Cabela's announces closing of $500 mn securitization
Cabela's announces closing of $500 mn securitization
24
Jan '08
Cabela's Incorporated, the World's Foremost Outfitter of hunting, fishing and outdoor gear, announced today that Cabela's Credit Card Master Note Trust successfully completed the sale of $500 million in Asset-Backed Notes, Series 2008-I.

The securitization transaction included the issuance of six classes of notes:

• $202,650,000 of Class A-1 Notes, which accrue interest at a fixed rate of 4.31% per year;
• $229,850,000 of Class A-2 Notes, which accrue interest at a floating rate equal to one-month LIBOR plus 0.85% per year;
• $29,000,000 of Class B-1 Notes, which accrue interest at a fixed rate of 5.24% per year;
• $6,000,000 of Class B-2 Notes, which accrue interest at a floating rate equal to one-month LIBOR plus 1.80% per year;
• $21,250,000 of Class C-2 Notes, which accrue interest at a floating rate equal to one-month LIBOR plus 2.75% per year; and
• $11,250,000 of Class D Notes, which accrue interest at a floating rate equal to one-month LIBOR plus 6.00% per year.

In connection with the securitization transaction, the note trust entered into an interest rate swap with a notional amount equal to the Class A-2 Note principal balance and a fixed interest rate of 4.322%. Each class of notes has an expected life of approximately three years, with a legal maturity of approximately six years.

This securitization refinances an existing $300 million securitization that matured January 2008 with a fixed interest rate of 3.933%, with the remainder funding continued growth of World's Foremost Bank's credit card portfolio.


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