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

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SIDNEY, Neb.--(BUSINESS WIRE)-- Cabela’s Incorporated (NYSE: CAB) announced today that Cabela’s Credit Card Master Note Trust successfully completed the sale of $300 million of Asset-Backed Notes, Series 2011-IV. The securitization transaction included the issuance of $165 million of Class A-1 Notes, which accrue interest at a fixed rate of 1.90% per year, and $90 million of Class A-2 Notes, which accrue interest at a floating rate equal to one-month LIBOR plus 0.55% 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 be used to refinance asset-backed notes that matured during 2011 and will help finance the growth of World’s Foremost Bank’s credit card portfolio.

“We are proud to complete our second term securitization during 2011, and the execution of this transaction speaks highly about the quality of the Cabela’s CLUB Visa portfolio,” said Joe Friebe, President and Chief Executive Officer of World’s Foremost Bank. “Despite the recent volatility in the credit markets, we were able to price the transaction at more favorable rates than the prior securitization we completed in June. In addition, based on investor demand for our notes, we were able to upsize the transaction by $50 million. We are extremely pleased with the outcome of this transaction.”

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".