Cabela’s Inc. Announces the Closing of a 10-Year $385 Million Securitization

Cabela’s Incorporated (NYSE: CAB) announced today that Cabela’s Credit Card Master Note Trust successfully completed the sale of $385 million of Asset-Backed Notes, Series 2013-I. The securitization transaction included the issuance of $327.25 million of Class A Notes, which accrue interest at a fixed rate of 2.71% per year.

The securitization transaction also included the issuance of three subordinated classes of notes in the aggregate principal amount of $57.75 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 10 years, with a legal maturity of approximately 13 years. This securitization transaction will help finance the growth of World’s Foremost Bank’s credit card portfolio.

“We are very pleased to announce this landmark 10-year term securitization,” said Tommy Millner, Cabela’s Chief Executive Officer. “Our first term securitization of the year was very well received and the execution of this transaction is a testament to the Cabela’s brand and demonstrates the continued quality and strength of the Cabela’s CLUB Visa portfolio. We are very pleased with this transaction as the low interest rate environment provides an excellent opportunity for the CLUB to lock in long-term liquidity at very favorable interest rates.”

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.

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. Cabela's stock is traded on the New York Stock Exchange under the symbol "CAB".

Contacts:

Cabela’s Incorporated
Investor Contact:
Chris Gay, 308-255-2905
or
Media Contact:
Joe Arterburn, 308-255-1204
Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here