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.
Cabela's Incorporated announced that Cabela's Credit Card Master Note Trust successfully completed the sale of $300 million of Asset-Backed Notes, #
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.
Cabela's Incorporated announced that Cabela's Credit Card Master Note Trust successfully completed the sale of $300 million of Asset-Backed 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 announced that Cabela's Credit Card Master Note Trust successfully completed the sale of $300 million of Asset-Backed Notes, #
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.
Cabela's Incorporated announced that Cabela's Credit Card Master Note Trust successfully completed the sale of $300 million of Asset-Backed Notes, #
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.
Cabela's Incorporated announced that Cabela's Credit Card Master Note Trust successfully completed the sale of $300 million of Asset-Backed Notes, #
“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.
Cabela's Incorporated announced that Cabela's Credit Card Master Note Trust successfully completed the sale of $300 million of Asset-Backed Notes, #
“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