Cabela’s Club Visa ready for growth

Sidney, Neb. – Cabela’s Inc. has 400 million new reasons to feel confident about the growth of its Club Visa credit card portfolio.

The retailer has closed a $400 million securitization transaction, including $240 million of Class A-1 Notes with fixed annual interest of 2.25%, and $100 million of Class A-2 Notes with interest at a floating rate equal to one-month LIBOR plus 0.67% per year.

Cabela’s also issued three subordinated classes of notes worth $60 million, which were purchased by Cabela’s wholly-owned subsidiary World's Foremost Bank. All proceeds will help finance the growth of Cabela’s Club Visa.

“We are thrilled to announce the completion of our second SEC registered term securitization for 2015,” said Tommy Millner, Cabela’s CEO. “There has been some recent volatility in the market so we are pleased with the mix of fixed and floating rate funding achieved in this transaction.”