Cabela’s Inc. Announces Closing of $1 Billion Securitization

SIDNEY, Neb.--(BUSINESS WIRE)--Cabela’s Incorporated (NYSE: CAB) announced today that Cabela’s Credit Card Master Note Trust successfully completed the sale of $1 billion of Asset-Backed Notes, Series 2016-I. The securitization transaction included the issuance of $570 million of Class A-1 Notes, which accrue interest at a fixed rate of 1.78% per year, and $280 million of Class A-2 Notes, which accrue interest at a floating rate equal to one-month LIBOR plus 0.85% per year. The securitization transaction also included the issuance of three subordinated classes of notes in the aggregate principal amount of $150 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 three years, with a legal maturity of approximately six years. This securitization transaction will help finance the growth of World’s Foremost Bank’s credit card portfolio.