Cabela's Inc. announced that Cabela's Credit Card Master Note Trust successfully completed the sale of $250 million of Asset-Backed Notes, Series 2010-II. The securitization transaction included the issuance of $127.5 million of Class A-1 Notes, which accrue interest at a fixed rate of 2.29% per year, and $85 million of Class A-2 Notes, which accrue interest at a floating rate equal to one-month LIBOR plus 0.70% per year.

The securitization transaction also included the issuance of three subordinated classes of notes in the aggregate principal amount of $37.5 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 help finance the growth of World's Foremost Bank's credit card portfolio.

“We completed this transaction, which was oversubscribed, at very favorable rates, which demonstrates the quality and strength of the Cabela's CLUB Visa portfolio,” said Joe Friebe, president and chief executive officer of World's Foremost Bank. “We are very excited to have completed our second securitization during 2010 and are extremely pleased with the outcome.”