Cabelas Incorporated said Cabelas Credit Card Master Note Trust successfully completed the sale of $300 million of Asset-Backed Notes, Series 2010-I. The securitization transaction included the issuance of $255 million of Class A Notes, which accrue interest at a floating rate equal to one-month LIBOR plus 1.45% per year.

The Class A Notes are eligible collateral under the Term Asset-Backed Securities Loan Facility (TALF) program established by the Federal Reserve Bank of New York.

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, Cabelas 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. The securitization transaction finances the growth of Worlds Foremost Banks credit card portfolio and is expected to provide adequate liquidity to Worlds Foremost Bank well into the fourth quarter of 2010.

We are proud to complete this securitization and are extremely pleased with the outcome, said Joe Friebe, President and Chief Executive Officer of Worlds Foremost Bank. We completed this transaction, which was oversubscribed, in an extremely quick and efficient manner demonstrating that Cabelas CLUB Visa portfolio continues to be well received in the marketplace.