Cabela’s closes funding facility with Royal Bank of Canada

Sidney, Neb. -- Cabela’s Inc. has renewed a variable funding facility with Royal Bank of Canada for an additional three years and the commitment under the variable funding facility has increased from $350 million to $500 million. The variable funding facility relates to an outstanding series of variable funding notes issued by Cabela’s Credit Card Master Note Trust.

The securitization transaction and the variable funding facility will help finance the growth of Royal Bank of Canada’s credit card portfolio. Cabela’s Credit Card Master Note Trust has also completed the sale of $300 million of asset-backed notes, Series 2014-I.

“We are very proud to announce the completion of our first publicly offered term securitization,” said Tommy Millner, Cabela’s CEO. “Series 2014-I was well received by the market, and we are very pleased with both the pricing and execution of the transaction. The strong investor demand for the transaction is a testament to the Cabela’s brand and demonstrates the continued quality and strength of the Cabela’s Club Visa portfolio. The issuance of our first public transaction is a huge milestone for our securitization program, and we are excited about the future. In addition to the closing of the term securitization, we have renewed a variable funding facility with Royal Bank of Canada and upsized the commitment from $350 million to $500 million to provide continued liquidity for our Cabela’s Club Visa program.”

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