Cabelas Credit Card Master Note Trust completed the sale of $200 million in Asset-Backed Notes, Series 2008-IV.
The securitization transaction included the issuance of five classes of notes:
* $98,000,000 of Class A-1 Notes, which accrue interest at a fixed rate of 6.48% per year;
* $72,000,000 of Class A-2 Notes, which accrue interest at a floating rate equal to one-month LIBOR plus 3.00% per year;
* $16,000,000 of Class B-1 Notes, which accrue interest at a fixed rate of 9.71% per year;
* $8,500,000 of Class C-1 Notes, which accrue interest at a fixed rate of 12.07% per year; and
* $5,500,000 of Class D Notes, which accrue interest at a floating rate equal to one-month LIBOR plus 20.00% per year.
Each class of notes has an expected life of approximately three years, with a legal maturity of approximately six years.
This securitization finances the growth of Worlds Foremost Banks credit card portfolio and is expected to provide adequate liquidity to Worlds Foremost Bank through the first quarter of 2009.
“We are very pleased to have completed this securitization,” said Joe Friebe, president and chief executive officer of Worlds Foremost Bank. “We were able to complete a securitization in spite of the financial crisis facing the country. This shows the high quality of the Cabelas CLUB Visa portfolio.”