Cabela’s Inc. Announces the Closing of $500 million Securitization


Cabela’s Incorporated announced today that Cabela’s Credit Card Master Note Trust successfully completed the sale of $500 million of Asset-Backed Notes, Series 2012-II. The securitization transaction included the issuance of $300 million of Class A-1 Notes, which accrue interest at a fixed rate of 1.45% per year, and $125 millionof Class A-2 Notes, which accrue interest at a floating rate equal to one-month LIBOR plus 0.48% per year.

The securitization transaction also included the issuance of three subordinated classes of notes in the aggregate principal amount of $75 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 proud to announce the completion of our second term securitization during 2012 and are extremely pleased with both the pricing and execution of this transaction” said Joe Friebe, President and Chief Executive Officer of World’s Foremost Bank. “We were able to price the transaction at more favorable rates than the prior securitization completed in March. Based on investor demand, we upsized the transaction by $200 million. The execution of this transaction demonstrates the continued quality and strength of the Cabela’s CLUB Visa portfolio.”

This press release does not constitute an offer to sell or the solicitation of an offer to buy the notes and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The notes have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.

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