Cabela's Incorporated reported recently that its wholly owned subsidiary, World's Foremost Bank, has entered into a $352.9 million commitment with Bank of America, National Association under an outstanding series of variable funding notes issued by Cabela's Credit Card Master Note Trust.


The commitment is for three years and accrues interest at a variable rate of LIBOR plus a spread.

“We are very pleased to have completed this variable funding facility with Bank of America,” said Joe Friebe, President and Chief Executive Officer of World's Foremost Bank. “Adding Bank of America to our portfolio of liquidity providers for our Cabela's CLUB Visa program allows us to further spread our liquidity risks. Additionally, the three-year commitment provides us liquidity at favorable rates for an extended period.”