Cabela's Incorporated announced that its wholly owned subsidiary, World's Foremost Bank, has entered into a $411.7 million commitment with Royal Bank of Canada 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 commercial paper plus a spread.
“We are very pleased to have completed this variable funding facility with Royal Bank of Canada,” said Joe Friebe, President and Chief Executive Officer of World's Foremost Bank. “We appreciate the opportunity to add Royal Bank of Canada to the group of liquidity providers for our Cabela's CLUB Visa program. This is our third variable funding facility, which will allow us to spread our liquidity risks.”