Cabela's Inc. Announces the Closing of $300 Million Securitization

Cabela's Incorporated CAB announced today that Cabela's Credit Card Master Note Trust successfully completed the sale of $300 million of Asset-Backed Notes, Series 2011-II. The securitization transaction included the issuance of $155 million of Class A-1 Notes, which accrue interest at a fixed rate of 2.39% per year, and $100 million of Class A-2 Notes, which accrue interest at a floating rate equal to one-month LIBOR plus 0.60% per year. 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. 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.