Cabela’s Inc. Announces Closing of $550 Million of Senior Notes

SIDNEY, Neb.--(BUSINESS WIRE)--Cabela’s Incorporated (NYSE:CAB) announced today that it has entered into a note purchase agreement pursuant to which it will issue and sell an aggregate of $550 million in principal amount of senior unsecured notes in a private placement to accredited investors. The Company completed the issuance and sale of $100 million of 5-year notes at 3.23%, $122 million of 7-year notes at 3.70%, and $28 million of 10-year notes at 4.01%. In December 2015, the note purchase agreement calls for the issuance and sale of an additional $128 million of 7-year notes at 3.82% and an additional $172 million of 10-year notes at 4.11%. The notes are unsecured and the note purchase agreement contains customary financial covenants and cross-default provisions to the Company’s revolving credit facility and other unsecured notes. The Company intends to use the proceeds from the offering for general corporate purposes and to repay existing unsecured notes having an aggregate principal balance of $215 million due February 27, 2016.