Cabela's Inc. said that Cabela’s Credit Card Master Note Trust successfully completed the sale of $500 million in Asset-Backed Notes, Series 2008-I.

In connection with the securitization transaction, the note trust entered into an interest rate swap with a notional amount equal to the Class A-2 Note principal balance and a fixed interest rate of 4.322%. Each class of notes has an expected life of approximately three years, with a legal maturity of approximately six years.

This securitization refinances an existing $300 million securitization that matured January 2008 with a fixed interest rate of 3.933%, with the remainder funding continued growth of World’s Foremost Bank’s credit card portfolio.

“We are very pleased to have completed this securitization,” said Joe Friebe, President and Chief Executive Officer of World’s Foremost Bank. “Despite recent turmoil in the credit markets, we were able to receive very favorable terms for World’s Foremost Bank. Based upon the demand for the notes, we were able to upsize the transaction by $50 million. We believe this demonstrates the confidence investors have in the high-quality portfolio World’s Foremost Bank has generated with the Cabela’s CLUB Visa card.”